Bank of America's second-in-command is out of a job following a management shake-up announced late Wednesday. Bruce Thompson, Bank of America's chief financial officer for the last five-and-a-half years, will be stepping down, CEO Brian Moynihan announced. He will be replaced with long-time BofA executive Paul Donofrio on Aug. 1. Thompson's exit comes as a surprise, as he was reportedly considered a possible successor for Moynihan.
Read Economic Times full report here.