Anne Finucane, a longtime Boston banking executive, has been promoted to vice chairwoman at Bank of America Corp. as part of a reshuffling of executives that includes the departure of the chief financial officer.
Finucane, 62, credited with helping the nation's second-largest bank repair its battered image after the recent financial crisis, will take on additional responsibilities and deal more closely with the bank's largest shareholders, including asset managers and pension funds, on corporate governance issues. The Lincoln resident will continue as chief of global strategy and marketing at the bank, based in Charlotte, N.C.
Bruce Thompson will step down after 5½ years as chief risk officer and chief financial officer, Bank of America said. He will be succeeded by Paul Donofrio, who has been with Bank of America since 1999.
Finucane's promotion further solidifies her position as one of the banking industry's most powerful women. Like Bank of America's chief executive and chairman Brian T. Moynihan, Finucane worked for FleetBoston Financial Corp., where she was a trusted adviser to chief executives Terrence Murray and Chad Gifford. Bank of America bought FleetBoston in 2004.
In 2009, at a reception attended by Gifford and Murray to celebrate Moynihan's elevation to Bank of American's chief executive post, Moynihan joked, "We know that we all report to Anne.''
After the financial meltdown and jump in foreclosures, Bank of America came to represent the problems consumers had with the country's financial institutions, including mounting fees, big executive bonuses, and sloppy foreclosure practices.
In 2010, according to Reputation Institute, a New York management firm, Bank of America's score among consumers was 51.62 out of 100. While the bank's brand remains in the basement, compared to other financial institutions, its rating rose this year to 66.18.
As part of Finucane's strategy to rehabilitate Bank of America's image, the bank's media campaign has focused on certain products and services such as mobile banking, support for charities, and customer loyalty. The bank has also paid more than $70 billion to settle state and federal complaints related to the financial crisis.
The bank is starting to put those settlements behind it and earlier this month reported that profits more than doubled in the second quarter, compared with a year ago. Helped by lower legal expenses, the bank earned $5.3 billion in the last quarter, up from $2.3 billion during the same period in 2014.
But Bank of America earlier this year received a warning from the Federal Reserve about the bank's planning for a financial catastrophe as part of the Fed's annual stress test of the nation's largest banks.
The Fed asked Bank of America to make improvements and resubmit the plan in September.