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BofA Shakeup May Put Montag in Front for CEO Succession

Bank of America Corp.’s most richly compensated executive, Thomas K. Montag, may become a future candidate for the top job after a shakeup elevated him to co-chief operating officer at the money-losing lender.

Chief Executive Officer Brian T. Moynihan is counting on a new lineup to reverse the bank’s fortunes after he posted a record $8.8 billion quarterly loss, spent $30 billion to clean up faulty mortgages and sold $35 billion of assets and preferred shares to rebuild capital. The stock has lost more than half its value since Moynihan became CEO of the Charlotte, North Carolina-based company in January 2010.