Bank of America CFO Bruce Thompson steps down

US banking major Bank of America has replaced its CFO in a reshuffle of its management team, after the firm reported its biggest quarterly profit in nearly four years.

The bank's CFO Bruce Thompson has decided to step down after 5.5 years of service. He will be replaced by Paul Donofrio, who is currently the CFO of the consumer bank and wealth management, with effect from 1 August.

"As CFO, Bruce has put our company on a strong, stable financial foundation, with record levels of capital and liquidity," said CEO Brian Moynihan.

Among other changes, global human resources executive Andrea Smith will assume a newly created position as chief administrative officer, and vice chairman David Darnell has decided to retire by the fourth quarter, after more than 35 years with the company.

Smith will be replaced by Sheri Bronstein as global human resources executive. Bronstein has been the human resources executive for the company's global banking and global markets businesses.

The management shakeup comes a week after the bank reported robust quarterly results, which indicated that the firm has overcome most of the troubles in connection with the 2008 financial crisis.

After having paid at least $70bn (£44.9bn, €64.1bn) in legal expenses on cases stemming from the crisis, the bank reported its lowest expenses since 2008 in its latest results.

"The quarterly results we announced last week showed once again how far we have come on our journey over the past few years," Moynihan said.

"The changes we are announcing reflect decisions two senior leaders have made about their own futures, and some other changes that will bolster, and in some cases, reposition members of the management team."