Ex-Northrop executive named bank’s CFO

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Published: April 15,2010

Tags: banking and finance

CHARLOTTE, N.C. — Bank of America has named an outsider, former Northrop Grumman executive Charles H. Noski, as its CFO.

Noski, 57, succeeds Joe Price, who now heads Bank of America’s consumer and small business banking division. That unit includes the lending operations still struggling to recover from the financial crisis and the recession. Price had been CFO since January 2007.

Noski will join the Charlotte, N.C.-based bank on May 11. He had previously been CFO at the defense contractor Northrop Grumman and before that, was vice chairman and CFO for AT&T.

Noski will handle all of the company’s finance responsibilities as well as oversee its corporate treasury and global corporate strategy planning and development.

Neil Cotty, who had been interim CFO since Feb. 1, will remain Bank of America’s chief accounting officer and report to Noski.

Bank of America Corp., which absorbed Merrill Lynch in a controversial deal more than a year ago, is still trying to recover from the economic downturn.

The bank was among hundreds of financial institutions that received government support through the government’s Troubled Asset Relief Program, or TARP. Bank of America received $25 billion as part of the initial round of investments when the credit crisis peaked in the fall of 2008. It received an additional $20 billion in January 2009, shortly after it acquired Merrill Lynch.

Ken Lewis stepped down as CEO from Bank of America on Dec. 31, weeks after the bank repaid the $45 billion in government loans. Lewis and Price still both face civil charges from the New York Attorney General’s office regarding the Merrill deal.

The bank reports its first-quarter earnings on Friday.

Bank of America shares rose 44 cents, or 2.3 percent, to $19.10 in morning trading Wednesday after rising to a 52-week high of $19.15 earlier.

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