Banking

Bank of America’s former CFO to remain at bank, serving as vice chairman

Bank of America said former Chief Financial Officer Bruce Thompson is staying at the firm to serve as vice chairman.
Bank of America said former Chief Financial Officer Bruce Thompson is staying at the firm to serve as vice chairman. AP

Bank of America said former Chief Financial Officer Bruce Thompson is staying at the firm to serve as vice chairman.

Thompson, 51, was poised to leave the lender, according to a company memo in July. He’ll also be chairman of global acquisition finance and capital commitments, reporting to Chief Operating Officer Tom Montag, the Charlotte-based lender said Friday in a memo to employees.

Thompson, who had worked in Charlotte as CFO, will be based in New York in his new role.

Thompson, who had served more than five years as chief risk officer and then CFO, was replaced by Paul Donofrio, effective Aug. 1, as the bank’s top number-cruncher. Before becoming the bank’s risk officer, Thompson was a top investment banking and capital markets executive at the bank.

In his new role, Thompson will be working with the bank’s largest clients, according to the memo.

“No one on Wall Street has Bruce’s experience with complex balance sheets, finance, structuring, capital management and the evolving regulatory environment,” Montag said in the memo. “Bruce wants to bring that expertise to our capital markets and coverage teams.”

Thompson’s accomplishments included bolstering Bank of America’s once tenuous balance sheet. But his tenure also included the bank’s struggles to pass the Fed’s yearly “stress tests.” When his departure from the CFO post was initially announced, Thompson was expected to pursue other opportunities outside the bank.

Observer staff writer Deon Roberts contributed.

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