BofA's Thompson to Remain at Bank, Serving as Vice Chairmanby
Bruce Thompson to work with bank's biggest corporate clients
Ex-CEO to report to COO Tom Montag, bank says in memo to staff
Bank of America Corp.’s Bruce Thompson, who stepped down as chief financial officer last year, will stick with the company in a role dealing with the lender’s biggest corporate clients.
Thompson, 51, was set to pursue opportunities at another firm after Paul Donofrio, 55, was named CFO in July, people with knowledge of the situation said at the time. Instead, Thompson will be vice chairman and oversee global acquisition finance and capital commitments, reporting to Chief Operating Officer Tom Montag, the Charlotte, North Carolina-based lender said Friday in a memo to employees.
“No one on Wall Street has Bruce’s experience with complex balance sheets, finance, structuring, capital management and the evolving regulatory environment,” Montag, 59, said in the memo, a copy of which was obtained by Bloomberg. “Bruce wants to bring that expertise to our capital markets and coverage teams.”
Before stepping down as CFO, Thompson was considered a potential successor to Chief Executive Officer Brian Moynihan. In July, Moynihan, 56, announced a sweeping leadership change, naming human resources head Andrea Smith as chief administrative officer and Terry Laughlin as head of wealth management.
Thompson has spent nearly two decades at Bank of America in roles including head of global capital markets and chief risk officer.