Moynihan is trying to boost the top line by selling more products to existing customers. The bank is pitching credit cards and home equity loans to its checking account holders, and is talking to its corporate borrowers about treasury and retirement-planning services.
These are standard moves for the head of a retail bank, but Bank of America is trying to take them a little further. In early October, it began offering a rewards program nationally to customers who do more business with the bank. Some of the perks include discounted rates on mortgages and home equity loans and greater benefits on credit cards. That program was launched in a few markets in June in a pilot program.
Biggest Profit Engine
To help ensure that his strategy is being properly implemented, Moynihan began directly overseeing retail banking—Bank of America's biggest profit engine—earlier this year.
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The heads of the retail banking group, Dean Athanasia and Thong Nguyen, had been reporting to David Darnell, a co-chief operating officer who oversaw all retail-facing businesses. In August, the bank said Darnell was becoming a vice chairman, and Athanasia and Nguyen, would instead report directly to the CEO.
Athanasia is co-leading the retail bank from Boston, a change for a group that had long been based in Charlotte, where Nguyen works.
Moynihan sees younger executives like Athanasia and Nguyen as among his possible successors, sources said, although there is no front-runner for that role.
Moynihan worked with Athanasia and Nguyen at FleetBoston, which Bank of America bought in 2004. Other FleetBoston executives have also been given top roles, including Terry Laughlin, who was chief risk officer until his appointment as president of strategic initiatives in April; Anne Finucane, the global chief strategy and marketing officer; and Christine Katziff, the bank's chief auditor.
While Moynihan has reshaped the executive ranks, he has also helped shape the board: Eight of the 14 current directors, including Moynihan, have joined since he became CEO in 2010. A ninth, Charles Gifford, was chairman and chief executive of FleetBoston.