Deals & People September 6, 2011

BofA Advisers Get New Boss in Management Shakeup

A reorganization of Bank of America’s management team by Chief Executive Officer Brian Moynihan has meant the end of Sallie Krawcheck’s tenure at the firm.
Reported by

The company’s management has been changed “to align the company’s operating units with its three core customer groups: individuals, companies, and institutional investors,” according to a statement from the bank.

Effective immediately, David Darnell and Tom Montag have been appointed to the newly-created positions of co-Chief Operating Officers, accountable for all of the company’s operating units and Joe Price, president of Global Consumer and Small Business Banking, and Krawcheck, president of Global Wealth and Investment Management, will leave the company. Krawcheck replaced now-CEO Moynihan at the helm of the Global Wealth and Investment Management in 2009 (see “Krawcheck Replaces Moynihan to Head Wealth Management at BofA” and “BofA Appoints Moynihan as CEO”)

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Montag oversees businesses that serve companies and institutional investors, including middle market commercial and large corporate banking and the global markets sales and trading businesses and Darnell is responsible for the businesses serving individual customers and clients: deposit, card, home mortgage, wealth management, small business, and related products and services.

“I am pleased with the work the team has done, in particular the strong performance of the business,” said Krawcheck. “It has been an honor to lead Bank of America Global Wealth and Investment Management during a challenging time.”

This management shakeup is part of what the company calls Project New BAC, which is “expected to result in significant expense reductions,” the statement said.

"There is hard work ahead to finalize and implement our New BAC decisions from among the hundreds of thousands of ideas employees have submitted," said Moynihan. "Only by streamlining and focusing our resources behind our customers will we truly deliver on the promise of what we have built."

In addition to Darnell and Montag, continuing to report to Moynihan are:

  • Cathy Bessant, Global Technology and Operations Executive
  • Anne Finucane, Global Strategy and Marketing Officer
  • Christine Katziff, Corporate General Auditor
  • Terry Laughlin, Chief Risk Officer
  • Gary Lynch, Global Chief of Legal, Compliance, and Regulatory Relations
  • Charles Noski, Vice Chairman
  • Andrea Smith, Global Head of Human Resources
  • Ron Sturzenegger, Legacy Assets Servicing Executive
  • Bruce Thompson, Chief Financial Officer.
Deals & People September 6, 2011

BlackRock Appoints Senior Portfolio Manager for U.S. Fiduciary Business

BlackRock, Inc. announced Mark Taborsky will join the company as a Managing Director and Senior Portfolio Manager within its Multi-Asset Client Solutions (BMACS) group.
Reported by

Specifically, Taborsky will have direct oversight of client assets within the U.S. Fiduciary Management Solutions (FMS) business of BMACS. In this newly created position, he will be responsible for developing, assembling, and managing investment solutions involving multiple strategies and asset classes for U.S.-based fiduciary clients.   

He will also help develop and build out FMS’ investment capabilities across all client segments including endowments, foundations, pension plans, sovereign wealth funds, and high net worth and retail clients. Taborsky will report to Nancy Everett, Managing Director and Head of U.S. FMS.   

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Taborsky most recently served as Executive Vice President at PIMCO, where he was responsible for asset allocation strategies and European solutions efforts. Before joining PIMCO, he was Managing Director of the external management group at Harvard Management Company in Boston, where he managed the majority of Harvard’s external manager relationships across asset classes.   

Taborsky holds a Bachelor of Commerce degree from McGill University and an MBA in Finance and Policy from the University of Chicago Booth School of Business.  

BlackRock’s U.S. FMS business provides investment management, advisory solutions and outsourcing to institutional clients, including U.S. pension plans, endowments and foundations. Fiduciary outsourcing mandates, in which a client retains BlackRock to assume responsibility for some or all of their assets, are managed by FMS. At June 30, 2011, BMACS, led by Michael Huebsch, managed $126 billion in assets including $50 billion in fiduciary assignments globally.

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