Bank of America is combining its consumer and small-business banking unit with its home loans division, bringing with it another management reorganization.

The idea is to further streamline operations in line with Project New BAC, a companywide initiative to cut costs and increase efficiency, spokesman Tony Allen said.

"It's really about driving a more seamless experience (for customers)," Allen said.

The move sets the team that will report to David Darnell, who was promoted to co-chief operating officer in September to oversee businesses dealing with individuals.

Tom Montag became the other co-chief operating officer, heading businesses handling companies and institutional investors.

Consumer and small-business head Joe Price and wealth and investment management president Sallie Krawcheck, both once considered potential chief executives of Bank of America, left the company as part of that reconfiguration of the executive ranks.

No one is losing a job as part of this shake-up, Allen said.

Reporting to Darnell:

Katy Knox, who will head the combined retail and distribution operation. She was promoted in December to lead distribution, which oversees all Bank of America branches and ATMs.

Dean Athanasia, preferred and small-business banking.

Susan Faulkner, consumer and small-business products, which will now include home loans.

Tim Huval, consumer service and operations, including call centers and fraud prevention.

Laurie Readhead, consumer market and distribution.

Walter Elcock, consumer business controls and readiness.

Barbara Desoer, who maintains her title of president of home loans, but will manage its integration into the new business unit.

Knox, Faulkner and Readhead are based in Charlotte.