Moynihan reshuffles top posts at BofA

NEW YORK: Bank of America Corp (BofA) is shuffling its senior management team, moving its chief financial officer over to lead consumer and small business banking and naming a new chief risk officer.

The changes come as new CEO Brian Moynihan seeks to overhaul the bank and lift it out of the slump caused by the recession and billions of dollars in soured loans.

The bank said CFO Joe Price will lead the consumer and small business unit, where he'll be faced with bolstering the company's bread-and-butter business of making loans. BofA lost more than $2.2 billion in the third quarter as bad debt kept rising.