Bank of America loses CFO

Bank of America, which was dinged for "deficiencies" in its government stress test in March, is reshuffling its executive team, including replacing its chief financial officer.

Bank of America — the nation's largest bank behind JPMorgan Chase — said its CFO and chief risk officer, Bruce Thompson, is being replaced by Paul Donofrio, who recently took over the CFO role at BofA's consumer bank and wealth management units.

Thompson, whose name had been bandied as a potential candidate to replace CEO Brian Moynihan, will assist Donofrio, who takes over as CFO on August 1, and remain on the management team until the end of the year.

The bank couched Thompson's departure as a personal decision.

"The changes we are announcing reflect decisions two senior leaders have made about their own futures," Moynihan said in a statement, referring to Thompson and Vice Chairman David Darnell, who is retiring.

Moynihan credited Thompson with putting BofA "on a strong, stable financial foundation, with record levels of capital and liquidity."

Shares of BofA traded down slightly in after hours trading, down 5 cents a share, or 0.3%, to $18.40 a share.

BofA's other C-Suite changes include:

*Head of Human Resources Andrea Smith will be named chief administrative officer, a newly created position that will include responsibility for preparing the bank for its annual Comprehensive Capital and Review (CCAR), also known as the stress test.

*Terry Laughlin, who currently leads the bank's stress test, will take over the role of head of the bank's wealth management unit, which includes brokerage arm Merrill Lynch.

*Vice Chairman Darnell, who currently runs the wealth management unit, will retire by the end of the year, after more than 35 years with the company.

In March, BofA was received a conditional okay from the Federal Reserve for its plan to buy back $4 billion in stock through the second quarter of 2016. The Fed cited due to "deficiencies" in its revenue modeling and internal controls and ordered BofA to correct the deficiencies and re-submit its capital spending plan in September.

The Fed has the ability to block banks' capital distribution plans if they fail to pass so-called stress tests that measure their ability to withstand large market shocks, such as the mortgage crisis of 2008.

BofA said Laughlin will still be responsible for the resubmission of the 2015 test, also known as CCAR. Laughlin will also help Smith on the 2016 CCAR submission, the bank said.