Alvaro G. de Molina, Bank of America Corp.'s chief financial officer, said Friday that he plans to resign at the end of the year.
Mr. de Molina, 49, was promoted to the job in September 2005. He succeeded Marc Oken, who retired from the $1.45 trillion-asset B of A after just 17 months as CFO.
The Charlotte company named Mr. de Molina to the post to foster better relations with Wall Street, which had criticized it for relying on securities trading to boost earnings.
When B of A reported third-quarter earnings, Kenneth D. Lewis, its chairman, president, and CEO, said it sold $46 billion of securities during the period, out of $100 billion it planned to shed from its balance sheet. The move was partly a response to the criticism, and B of A planned to replace some of the securities with loans, Mr. Lewis said in October.
B of A said Friday that Joe Price would succeed Mr. de Molina effective Jan. 1, though Mr. de Molina is to stay through the end of the first quarter without the CFO title. Mr. Price, 45, is B of A's risk management executive for global corporate and investment banking and has been with the company since 1993.
A spokesman for B of A did not return calls for comment.
