STOCK MARKET WATCH -- Friday, 24 July 2015

[Demeter]

12. New BofA CFO Faces Steep Learning Curve

TRANSLATION: WE HIRED A TOTALLY INEXPERIENCED, UNEDUCATED AND UNTRAINED PERSON--WONDER WHO HE'S RELATED TO?

http://blogs.wsj.com/cfo/2015/07/23/new-bofa-cfo-faces-steep-learning-curve/?mod=yahoo_hs

Bank of America Corp.'S newly named chief financial officer, Paul Donofrio, will have to quickly come up to speed on new bank regulatory requirements and managing the sprawling bank’s finance operations, say analysts who cover the bank. “It’s a lot of stuff to learn,” said Glenn Schorr, banking analyst for Evercore ISI.

Mr. Donofrio will officially become the Charlotte, N.C.-based bank’s finance chief on August 1. Brian Moynihan, the CEO, made the surprise appointment Wednesday night in an internal memo for employees. The current CFO, Bruce Thompson, is stepping down, but will stay on the management team to advise Mr. Donofrio for the rest of the year. Mr. Thompson’s departure caught BofA observers off guard, but Mr. Donofrio seems to have the background needed to take over, said Mr. Schorr.

Mr. Donofrio, 55, was a flight operator for the U.S. Navy. He has been with Bank of America since 1999, joining the firm as a healthcare investment banker. He has since led the bank’s investment banking, corporate banking and transaction and treasury services units. He is widely seen inside the bank as instrumental in helping integrate Merrill Lynch into BofA after their $50 billion merger in 2008.

In April, Mr. Donofrio became CFO of BofA’s consumer banking and wealth management divisions, where he supervised the teams that did the financial forecasting and analysis for the units, according to a bank spokesman...

I HAVE A BAD FEELING ABOUT THIS...