Last month, the bank named Brian Moynihan as president of global corporate and investment banking, replacing Gene Taylor. Keith Banks, president of Columbia Management, took Moynihan’s old job as head of global wealth and investment management.
“I am very confident that under Mike's leadership, Columbia will further build upon the strong foundation put in place over the last three years,” Banks said in a release. “This includes Columbia's streamlined and strengthened mutual fund lineup, featuring solid performance and lowered costs; enhanced institutional client and consultant capabilities; and an industry leading intermediary sales force.”
Jones joined the bank in 2006 and was the head of distribution at Columbia, responsible for all sales channels. Previously, he served as co-president and senior managing director at Robeco Investment Management.
Bank of America’s stock is down about 14% this year, and the firm recently announced it will eliminate 3,000 jobs.
Columbia and its affiliates managed $709 billion in assets at the end of September and remains one of the bank’s stronger divisions. Several of its mutual funds are highly rated, including its $20 billion Columbia Acorn fund. Columbia has not yet announced a new head of distribution.