Bank of America will shift 10 of its top executives to Boston as part of a consolidation of its wealth and investment management divisions into that city.
The Charlotte-based company had already moved the leader of the division, Brian Moynihan, so the announcement was not exactly a surprise. The move comes a month after Massachusetts officials questioned whether the firm, after its merger with FleetBoston, turned its back on employment pledges by cutting jobs in its already existing Boston office in favor of movement into its Charlotte headquarters.
"We know that Boston is the ideal home for this business, which will be a significant growth engine for our company in the future," said CEO Ken Lewis, said in a prepared statement. "This is also consistent with the vision Bank of America Chairman Chad Gifford and I expressed a year ago for Boston to play a significant role in the future of Bank of America. I'm pleased that we're able to take this step to deepen our roots in Boston and New England."
Of the 10 executives, seven will come from the companys New York office, two from Charlotte and one from Baltimore. Employees reporting to those executives will also shuffle into Beantown. Since other mutual fund companies base their wealth management wings in Boston, the move will help Bank of America enter the hub.