Sallie Krawcheck, one of the longest-serving and arguably the most powerful female executive on Wall Street, was last night ousted from her post running wealth management for Bank of America.
Ms Krawcheck was one of two casualties of a boardroom shake-up at the troubled institution. Joe Price, head of consumer and small business banking at BofA, was also axed, as chief executive Brian Moynihan put his stamp on the executive team.
BofA shares have slumped this year and have been among the most volatile during recent market turmoil, because, of America's major banks, it is the worst-capitalised. Mr Moynihan has promoted two insiders, David Darnell and Tom Montag, to be co-chief operating officers.
"Joe is a veteran of Bank of America who has contributed in many roles to building the company into what it is today. Sallie has led the wealth management businesses through an important integration with the broader franchise," Mr Moynihan said. "De-layering and simplifying at the scale in which we operate requires difficult decisions. We wish them well and look forward to their continued leadership and business successes in the future."
Ms Krawcheck had been at BofA since 2009 and seen as a possible chief executive before Mr Moynihan.Reuse content