BusinessCompany NewsBank of America FD steps down

Bank of America FD steps down

BofA's finance chief stuns industry watchers by handing in his notice, as the banking giant vies with Citigroup for the No.1 spot

Al
de Molina
, CFO of
Bank of
America
has announced he is to resign. The shock decison came a matter of
 three days after BofA briefly overtook rival Citigroup as the world’s largest
financial services group by market value.

De Molina served in multiple roles during his 17-year career at BofA,
including treasurer and head of the investment bank. He is credited with
improving the group’s communications with shareholders and analysts since taking
over as CFO last summer. BofA’s share price has risen 16% this year, as
Citigroup
shares, by contrast, have only increased by 2%. 

Explaining his decision to step down, De Molina said that his passion was
building new businesses, something he could not do as CFO of a large, stable
bank. ‘The fact is that for my dozen plus years here it was run and gun and
build. I did this when Ken (Lewis, BofA chief executive) asked me to do it, but
it wasn’t really my schtick,’ he said in an interview.

De Molina will continue as CFO until the end of the year and will remain as
an adviser to Mr Price through the first quarter of next year. He said he did
not have a new job lined up and would begin looking for opportunities when he
left BofA. 

Joe Price, the bank’s risk management executive at the group’s global
corporate and investment bank will take over the coveted role, BofA reported.

Related links:

Standard Chartered FD scoops chief exec
role
 

Nish named as Standard Life FD

Deloitte wooing Ewing

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