Bank Of America Is Restructuring Its Retail Bank Division - Full Memo

Tyler Durden's picture

Any internal memo that is distributed on the last day of the week, and intercepted by American Banker at 5pm on a Friday, must surely be a portent of many good news for the bank which recently added a few trillion in derivative "assets" to match its OpCo deposit pool "liability". We can only hope that as a result of the restructuring, the company's retail banking website will no longer mysteriously crash following announcements of gratuitous debit card fees. Then again, any BofA announcement that has the following sentence in it, "remember, we have the best franchise, capabilities, and customer base in the industry" confirms that the level of mass delusion is unfixable, and that the website will most certainly be the first to go once the bank's $1 trillion in deposits realize they are the first line of defense to just a few extra trillion in derivative contracts.

Message from David Darnell, Co-Chief Operating Officer

Today I am announcing additional changes to Consumer and Small Business Banking and Home Loans, and how we serve our customers. These changes are consistent with our goals to streamline our company, make us more efficient and effective, and align to our customer-centered strategy. The changes also better position us in continuing to accelerate our strategy while implementing ideas from phase one of New BAC.

It is critical to deliver a seamless experience to the Retail, Preferred and Small Business customers across all products and services. Central to that effort is integrating the Home Loans and Consumer and Small Business Banking organizations. As you have heard many times, no customer thinks of us as individual business units. They rightly think of us as Bank of America. Our strategy has not changed:

Customer teams will define what our customers want and need.

Products teams will build the right product solutions to meet those needs.

Distribution and service teams will deliver to our customers, providing the ability for them to choose how and when they want to bank with us.

As we focus on the critical day-to-day activities of running our organization, we also need to make sure the New BAC ideas are executed across the entire organization while managing risk, maintaining business continuity and optimizing our business model. Remember, we have the best franchise, capabilities, and customer base in the industry.

To drive out the strategy of the combined organization I have asked the following leaders to take on these roles reporting to me effective immediately:

Katy Knox will lead the newly combined Retail Banking and Distribution organization which serves 42 million retail households and provides end-to-end delivery through banking centers, online & mobile and ATM/VTM.

Dean Athanasia leads the Preferred and Small Business Banking organization which serves 8 million preferred households and 4 million small business clients and will now include home loans sales. The Client Development Group and Small Business will combine to provide end-to-end accountability for our Small Business customers.

Susan Faulkner continues to lead Consumer and Small Business Products with the addition of home loans products, secured credit underwriting, fulfillment and quality control.

Tim Huval will assume responsibility for consumer Service & Operations consolidating all of the call centers, fraud, claims, and customer experience functions from Consumer and Small Business Banking & Home Loans.

Laurie Readhead will assume responsibility for Consumer Market and Distribution Optimization focusing on driving out the New BAC ideas across the consumer organization while managing announced divestitures.

Walter Elcock will assume accountability for consumer Business Controls and Readiness Management including oversight across consumer for vendor management, operational controls and issue management, business continuity, associate & community impacts related to New BAC and California / Northwest conversion.

Barbara Desoer will continue supporting the Home Loans transition and the integration with Consumer and Small Business Banking.

Collectively, these leaders are responsible for making it easier for our customers and clients to do business with Bank of America, to empower our employees to deliver for our customers and for our businesses to achieve strong financial results.

Other organizational moves that continue to align our capabilities across the enterprise:

Josh Adler and the Secondary Marketing team from Home Loans will now report into Walter Muller (Chief Investment Officer) within the Chief Financial Officer Group.

Tom Halloran and the Preferred and Small Business Banking Solutions team will now align to Andy Sieg (Global Wealth & Retirement Solutions) within Global Wealth & Investment Management.

The leadership team would like to announce the following leaders in their organizations:

Reporting to Katy Knox in Retail Banking and Distribution:
Curtis Anderson - Banking Center Channel Central Region, Anderson was most recently the GCB Central Region Credit Products executive
Ann Balthis - Sales & Service Planning and Execution
Anjali Besley - Banking Center Channel Southeast Region
Kevin Dolan - Banking Center Channel Northeast Region
David Owen - Online & Mobile, ATM / VTM
Dena Roten - Retail Operations, Capacity & Controls
Andy Rowe - Retail Banking Strategy & Solutions
Barry Simmons - Banking Center Channel West Region

Reporting to Dean Athanasia in Preferred and Small Business Banking:
Jill Calabrese Bain - Strategy, Planning & Enterprise Solutions
Robb Hilson - Small Business & Client Development Group
Aron Levine - Preferred Business Sales, Levine was most recently a New BAC Catalyst for Global Wealth & Investment Management
Alok Prasad - Merrill Edge
Matt Vernon - Home Loans Sales

Reporting to Susan Faulkner in Consumer and Small Business Products:
Mark Brucker - Secured Credit, Underwriting & Fulfillment, Quality Control
Joe Claricurzio - Unsecured Collections & Recovery and Financial Protection Services
Titi Cole - Retail Products
Rob Habgood - Unsecured Credit & Underwriting
Mary Kanaga - Home Loans Business Enablement and Supplier Management
Bob Kelly - Business Controls & Integration, Kelly was most recently CSBB Operational Risk and Governance Executive for CSBB Risk
Lynn Kuttruff - Small Business Products
Chip Rossi - Preferred Products
TBD - Product Operations & Card Network Management

Reporting to Tim Huval in Service & Operations:
Mike Adornetto - US Customer Service Contact Centers, Adornetto was most recently a New BAC Catalyst from Global Technology & Operations
Jennifer Ehresman - Global Service Management, offshore delivery
Allen Jones - Consumer Customer Experience
Randall King - Contact Center and Service Operations
Terry Schappert - Claims
Bob Shiflet - Fraud
Mark Ulmer - Home Loans Post Closing and Centralized Services
Sandy Wood - Home Loans Closing Services

Reporting to Laurie Readhead in Consumer Market and Distribution Optimization:
Rob Aulebach - Market Optimization
Joe Helweg - Cost Optimization
Tom Williams - Correspondent Lending
TBD - Non-Core Portfolio Assets

Walter Elcock will announce his organization at a later time.

This leadership team will work together to continue building out the rest of the organization over the coming months.

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buzzsaw99's picture

they will be the best organized bankrupt bank in the country bitchez!

Panafrican Funktron Robot's picture

Yeah, that is "holy fuck" level of convoluted.

Pladizow's picture

Did the VP Linda Green get transferred?

Cleve Meater's picture

I get dibs on reporting to Laurie Redhead...

Fish Gone Bad's picture

I think I can streamline these jobs some more.

Terry Schappert - Claims
Bob Shiflet - Fraud

Put those two jobs together and make it Fraud claims. 


gojam's picture

"Who's on first, What's on second, I Don't Know is on third"

anonnn's picture

The convoluted organization table must flow from Lewis and Moynihan, no? The New BAC is cobbled together from insane particles. Its legacy will  be a case-study in business psychosis at a funny farm turned into a spin-bin for quack bankers.

Panafrican Funktron Robot's picture

"TBD - Non-Core Portfolio Assets"

If this isn't a red flag alert, I don't know what is lol.

buzzsaw99's picture

assistant manager of temporary assets. lulz

Buck Johnson's picture

There depositors are in for a very very rude awakening.  Like Bank of America would have done that without the okay of somebody in the govt. is BS.  You don't even hear a whisper from congress about it or the president, just the FDIC and a few others.  This was done and allowed to happen and a few agencies where told to make a big stink out of it.  The govt. must have been told that if we didn't get these derivatives off of our books and into a backed book with the govt., they would default and start a chain reaction of insured derivative owners running to get their money.

Dre4dwolf's picture


Just like the titanic, they aren't gona stop the music till the ship is 10 feet under.

homersimpson's picture

So who's in charge the Consumer Fees and Customer Revenue Optimization department?

No One's picture

"Customer teams will define what our customers want and need."


Yes Bank of America, tell me what I want and need. I fully trust you and your "customer teams". I can bring the vaseline too.


Somebody stop this ride, I want to get off!

Spastica Rex's picture

I saw that too. I closed out my account about a month ago. Wish I could participate in Bank Transfer Day and close out my account AGAIN. Rat bastards.

Missiondweller's picture

Me too. My wife & I opened accts with a credit union. They were busy that day. When my wife needed to go there again today she said the place was "buzzing" with people opening accts.

Mass exodus from BAC

iDealMeat's picture

It would be best to do it before then. I bet BAC will close that Saturday Nov 5th..

Kiwi Pete's picture

Hey, why don't you open a new account with them. Then you can close it out again so you don't miss out!

Spastica Rex's picture

Awesome idea!

Hi BoA, I changed my mind and I like you again. Please go through the trouble of opening a new account for me. Actually open three. I have three stacks of $1 bills worth $100 each, and they all need to go in separate accounts. Thanks! Now I've changed my mind - close 'em.

Lather, rinse, repeat.

TeamDepends's picture

Oooooh!  We have a bunch of pesos and other coins/bills from around the world, some of the countries don't exist anymore.

upWising's picture

Customers want and need to see Bank of America executive "teams" using toasters while they are in the bathtub.  Start with the Cyclops of Omaha.

LeBalance's picture

You can easily tell when someone hasn't really gotten past first grade when they start mocking people's names.

....but I just can't help it!

Dean Euthanasia? Good luck getting a loan?

Susan Faker? Interacts with MERS?  Good title there?

Walter Elcock?  Not touching this one, even at this distance!

Laurie Readhead?  help me out. Buzz? Akak?  LH?  WB7?

(from Dr. Strangelove: "Bat Guano, is that really your name?")

Dewey, Cheatum and Howe!

Wannabee's picture


Don't overlook Titi Cole !

kaiserhoff's picture

Nice, but we can do better.  How about Titi N. Ringer?

SilverIsKing's picture

Katy Knox = Katy Knockers
Susan Faulkner = Susan Fucker or Susan Fuck Her
Barbara Desoer = Barbara Do Her
Ann Balthis = Ann Ball This
Titi Cole = Titty Ho
Lynn Kuttruff = Lynn Cuntsrough
Walter Elcock = Spanish to English Translation - Water The Cock

MobBarley's picture

You'd be fun to work with. :)


Troll Magnet's picture

Where's Linda Green?  Did she get fired?  Or promoted perhaps?

UP Forester's picture

"Sandy Wood"  will be pumping out Home Loan pleasure....

Darth..Putter's picture

Dean Euthanasia?

Is he in the insurance biz?

PaperBear's picture

Get your money out of Bank of America.

Oh wait, police officers do not allow customers into branches who want to close their account.

Your money is not your money any more.

LeBalance's picture

bank run:: pre-emptive strike.

Troll Magnet's picture

Online banking, dude.  Just open an account at another bank or CU and then transfer your balance.  Or do what I did and buy lots of PMs and deplete your account.  Then, go to your BoA branch and tell them you have no money in your account and that you want to close it.  

Dave Thomas's picture

Better yet, zero out your account and leave it so it can accrue ANALysis and miscellany fees. That way they can put those on their P&L statement. Guffaw!

Freewheelin Franklin's picture

I closed a PNC account 2 years ago and I still get emails every month saying my statement is ready to view.

holdbuysell's picture

Online transfers work wonders. One never has to step foot in the place. And then close the account by a Dear John letter, preferably through the online system.

Curiously, can you just withdraw all your money and leave the account open with zero balance?

It'd be like a zombie bank account. How fitting: a zombie bank with zombie bank accounts.

DollarMenu's picture

If you incur and leave unpaid fees for violating minimum balance rules,

could they reduce limits or raise interest rates on any credit cards you may hold with them?

Maybe the fees just accrue until non-payment reaches felony status?

They are twisted, sick, and perverse.

A clean. complete closure might be the best action.

Mark123's picture

Just like government....when in doubt reorganize!


I'll bet BoA will rock from now on.

FinalCollapse's picture

I wouldn't be so gentle with SOBs.

Wannabee's picture

All these firms should just buy communication templates from someone on the web and dispose of their communications/marketing dept. Thereby insert favorite key word(s) here:

focus, align, strategy, going forward, synergy, drive efficiency, realize, drive, blah blah blah blah blah blah

Please pass the barf bag.

PaperBear's picture

Just go bankrupt already.

Hephasteus's picture

People aren't bankrupt till the banks tell them they are.

Banks aren't bankrupt till the people tell them they are.

Since the introduction of the fed the banks haven't had to admit bankruptcy until ALL of them were bankrupt.

The cops are just there to keep people from telling them they are bankrupt.

camaro68ss's picture

looks like a solid team

Stack Trace's picture

Crying crocodile tears for those poor bankers... This guy is a slime:

Canaduh's picture

Should I expect anything else from a guy named Neil Weinberg?

Damn goys should know their place.

catch edge ghost's picture

This thing is begging for one of those pretty word clouds.

Elooie's picture

deckchairs... on the titanic.

Stack Trace's picture

Switched my business accounts to a local credit union from another credit union.I was told that my previous credit union was losing so much money on business loan defaults they started charging large monthly fees to start pushing out their business clients. This was from the mouth of a banker.

Anyway, at the new credit union we were told about the wave of new customers fleeing BofA. In fact we had to wait one hour to meet with a banker to open our new account because of the packed waiting room. unions.