CNBC’s John Carney reports that several disgruntled top executives at Bank of America (BAC) are privately trashing the bank’s wealth management chief Sallie Krawcheck and are angling to oust her.
According to Carney’s sources, “Krawcheck’s appointment to the Bank of America post came at the urging of FDIC chief Sheila Bair and Anne Finucane, the Bank of America chief marketing officer who also takes the lead in dealing with Washington, DC.”
But with BofA under new leadership and out from under TARP, some executives are now maneuvering against Krawcheck.
“They’re saying she was put there by the government,” a person familiar with the matter told Carney. “The idea is that now that Bank of America has repaid TARP, it can afford to remove Krawcheck.”
Carney also said in his report that Keith Banks, a longtime associate of BofA’s CEO Brian Moynihan, who by the way was passed over for the role that Krawcheck won, may be the leading candidate to replace Krawcheck if the executives trashing her succeed in ousting her.
Disclaimer: This page contains affiliate links. If you choose to make a purchase after clicking a link, we may receive a commission at no additional cost to you. Thank you for your support!