Alvaro de Molina resigning as the CFO of Bank of America Corp.

Bank of America Corp. has said that their Chief Financial Officer Alvaro de Molina is going to resign at the end of the year.

He has announced this decision just 16 months after taking this position in the company. The reason for this is that Molina found the regulatory and oversight burdens “suffocating”.

Joe Price who is currently the bank’s risk management executive for global corporate and investment banking would become the new CFO of the company from January 1 next year.

De Molina would continue to work in the company helping the transition through the end of March.

Alvaro de Molina spoke about his decision to leave the job: “The role of the CFO and the CEO are not as fun as they used to be from a regulatory standpoint, but the CEO gets to run the show. The CFO of a well-run company gets all of the guts but none of the glory.”

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