Bank of America CFO steps down in shake-up

NEW YORK (AP) -- 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.

Donofrio, who has been with BofA since 1999, was previously in the bank's consumer banking and investment management divisions. Thompson will remain at the company until the end of the year, the bank said.

BofA, which is based in Charlotte, North Carolina, announced other management changes as well. Andrea Smith, the company's head of human resources, will move into the newly created position of chief administrative officer. Smith will also be responsible for Bank of America Corp. passing the Federal Reserve's so-called "stress tests."

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