Bank of America ousts chief risk officer

Under pressure to improve its risk oversight, Bank of America replaces its CRO

CHARLOTTE, NC - Under pressure from the Federal Reserve Board to beef up its risk management and governance practices following stress tests, Bank of America has decided to replace Amy Woods Brinkley as chief risk officer. Gregory Curl, a 30-year veteran of the bank, will succeed Brinkley effective from June 30.

Although industry commentators have implied Brinkley was forced out, the bank maintains it was their decision. "Ken Lewis and Amy mutually decided we needed a different approach to risk management," Bank of America spokesman Robert Stickler said to Reuters. "We're going into a much different environment, and we need to adjust accordingly," He also stated that the decision was made internally without government involvement.

Brinkley will remain with the company until her retirement later this summer and will voluntarily serve on Bank of America's charitable board. The former CRO is one of the highest ranking women on Wall Street, who rose within the bank from the front lines of corporate lending. She ran the bank's consumer lending and marketing programs before taking over risk management eight years ago.

Most recently, Curl was global corporate strategic development and planning executive, and he will continue to be a member of the management committee in his new role.