Bank of America has named Thomas Montag sole chief operating officer, after he had shared that title with David Darnell for three years, and Darnell has been named vice chairman.
Montag will continue to oversee investment banking and capital markets, according to an internal company memo that Chief Executive Brian Moynihan sent to employees on Monday.
Darnell will move from Charlotte, N.C., to Tampa, Fla., and will continue to oversee global wealth, investment management and business banking. Darnell had asked Moynihan for approval to move to Tampa with his family.
The personnel moves were initially reported by The Charlotte Observer. A spokesman for Bank of America declined to comment.
Montag joined B of A in 2009 and has earned more than Moynihan for four consecutive years, according to Bloomberg.
Additionally, Dean Athanasia, head of preferred and small business banking, and Thong Nguyen, head of retail banking, will now report to Moynihan and will join the management team, according to the memo.