Moynihan shifted from wealth management to clean up bank's deal-making unit. Now that Brian Moynihan has been detailed to tidy up its investment-banking unit, Bank of America's wealth- and investment-management businesses have a new boss in Keith Banks.

Banks moves into the top slot at Bank of America's Global Wealth and Investment Management division from Columbia Management, where he was president. Before that he was head of asset management at FleetBoston Financial. Charlotte, N.C.-based Bank of America acquired Fleet in 2004.

Repercussions

Moynihan was also with Fleet -- as head of its brokerage and wealth-management units -- until the merger with Bank of America.

In his new job, Banks oversees Columbia in addition to Bank of America's discount and retail brokerage units as well as its fee-based advisory business, private banking, personal-trust and family-office-service groups.

The last four of these areas, along with some additional asset-management bits and pieces, fall under the U.S. Trust Bank of America Private Wealth Management umbrella.

Bank of America completed its acquisition of U.S. Trust from Schwab in July 2007.

The top-level changes at Bank of America follow a disappointing third-quarter led by sharp losses in its investment-banking division. As a result, Bank of America is terminating about 3,000 employees -- about 2% of its workforce.

Eugene Taylor, whom Moynihan has replaced as head of investment banking at Bank of America, has retired. Bank of America's CEO Kenneth Lewis says the non-investment-banking parts of of the company are doing pretty well "and we continue to invest in a number of those businesses to support future growth." Banks' successor at Columbia has still to be named. -FWR

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