Bank of America Corp has cut back the role of its mortgage chief for the second time in less than two months, in a shake-up of its retail banking and mortgage operations, according to an internal memo seen by Reuters. Barbara Desoer, once seen as a potential CEO of the bank, will keep her title of president of home loans, but will now focus on integrating home loans into consumer and small-business banking. Responsibility for the mortgage business will move to two other executives.
After a transition period, Desoer's next role in the company will be determined, a source familiar with the situation said. Bank of America said last month that Desoer would no longer report directly to Chief Executive Brian Moynihan. Susan Faulkner will continue to run consumer and small business products but will also take on responsibility for home loan products, according to the memo dated October 20 and signed by co-Chief Operating Officer David Darnell.
Dean Athanasia, in charge of preferred and small business banking, will also take on responsibility for home loan sales. The memo detailed several other moves, including that of Katy Knox, who will now be in charge of Retail Banking and Distribution, a newly combined unit that provides banking centers, online and mobile services and ATM/VTM services.
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