Bank of America Corp. is combining it global card and deposits businesses in the first major realignment under new consumer division president Joe Price.
Price — who became president of consumer, small-business and card banking last month after three years as chief financial officer — said in a press release that the move would make the $2.4 trillion-asset company a "more nimble, responsive customer-focused organization."
Susan Faulkner, who had been in charge of customer segments, deposits and payments, will run both businesses. She will have dual offices in Charlotte and Wilmington, Del.
Ric Struthers, who had been the president of card services, will leave the company after a transition period. Struthers joined B of A in 2006 after it bought the credit card issuer MBNA Corp.
