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It sounds liked a great business formula: home loans soared at several megabanks last quarter after they spent months cutting thousands of jobs to save costs. But executives remain concerned about profit potential because market shifts and new regulations are making mortgage lending more expensive.
July 25 -
Bank of America executives downplayed expectations about commercial lending and warned about the dangers of lowering prices to build loan portfolios, while their counterparts at U.S. Bancorp reveled in double-digit growth in the category and pledged to stay aggressive.
July 16 -
Bank of America Corp. reshuffled top retail bank executives yet again this week, according to an internal memo obtained by American Banker.
October 21 -
Bank of America's Montag and Darnell received broad power to downsize the company. They don't plan to blow it up, but will ramp up selective sales of servicing rights, equity stakes in other businesses and undervalued assets.
September 8
Bank of America has named Thomas Montag sole chief operating officer, after he had
Montag will continue to oversee investment banking and capital markets, according to an
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
Montag joined B of A in 2009 and has earned more than Moynihan for four consecutive years, according to
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.
