NEW YORK — Former Bank of America Corp. executive Sallie Krawcheck will receive $6 million after leaving the bank following a management reshuffle last month.
Krawcheck, one of the most prominent female executives at a financial firm, ran Bank of America's global wealth and investment management unit, which included U.S. Trust and the Merrill Lynch brokerage. But she lost out amid a reshuffling of the top ranks by Chief Executive Brian Moynihan. She will receive a salary of $850,000 and a payment of $5.15 million, according to a filing with the Securities and Exchange Commission.
Joe Price, who was Bank of America's Chief Financial Officer between 2007 and 2010 and most recently ran its consumer banking business, was also ousted from his position. He will receive a salary of $850,000 plus a $4.15 million payment.
The Charlotte, N.C., bank, the nation's largest by assets, ousted Krawcheck, who was also a former Citigroup executive, and Price last month when it installed David Darnell and Thomas Montag as co-chief operating officers, stripping the heads of the divisions Krawcheck and Price led of their direct reporting line to the CEO.
Darnell runs the consumer business, including the retail bank; Montag commercial banking and capital markets.
