Bank of America CFO quits over Sarbanes-Oxley

Alvaro de Molina will leave Bank of America early next year after resigning as chief financial officer.

De Molina will be succeeded by Joe Price, currently risk management executive for global corporate and investment banking. The bank has not yet found a replacement for Price.

De Molina became CFO 18 months ago, before which he was BoA's corporate treasurer. Talking to US press after the announcement, he blamed the Sarbanes-Oxley Act for his resignation. The law, designed to increase corporate accountability after the Enron and WorldCom scandals, had made his job "a little less fun", he said, adding that "risk-takers" were now unwelcome in banking.

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