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BofA to merge credit card, deposit units

By Joe Rauch

CHARLOTTE, North Carolina (Reuters) - A former MBNA Corp executive who runs Bank of America Corp's <BAC.N> global card services unit is leaving the company as part of a management shake-up within two of its biggest consumer businesses.

Ric Struthers, former MBNA Corp vice chairman, will leave the largest U.S. bank by assets as it combines the executive roles overseeing its giant credit card and deposit businesses, the bank said on Tuesday.

Susan Faulkner will run the combined businesses and report to Joe Price, the former chief financial officer who took over the consumer bank in mid-January.

The announcement continues a string of management changes begun in mid-January by Chief Executive Brian Moynihan at the largest U.S. bank by assets, and reflects new consumer banking head Joe Price's early efforts to change the critical division's leadership.

Bank of America spokesman Bob Stickler said the shift was made as part of Price's implementation of a new organizational structure within the consumer bank, giving executives oversight over products, services and distribution, rather than specific business units.

Faulkner has been with Bank of America for 25 years, and since 2007 has worked as customer segments, deposits and payments executive.

Struthers, global card services chief, will leave Bank of America after an unspecified transition period. Struthers, a founder of MBNA Corp, joined Bank of America when the company bought the credit card issuer in 2005 for $35 billion.

Faulkner, 47, will have dual offices in Charlotte, North Carolina, where Bank of America is headquartered, and Wilmington, Delaware, where the company's card unit is based.

Stickler said there would be no immediate jobs impact on the bank's Wilmington-based credit card or Charlotte-based deposit operations as a result of the change.

(Reporting by Joe Rauch, editing by Leslie Gevirtz and Gerald E. McCormick)

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