On September 6 BofA CEO Brian Moynihan announced a major management shuffle that found Krawcheck and Price out of jobs while David Darnell and Tom Montag were named to the newly-created positions of co-chief operating officers.
The closures are part of a plan announced by former Chief Executive Brian Dunn last month to begin shifting away from the big-box formula that made the retailer a powerhouse in the 1990s, by remodeling some large stores, shuttering 50 others and opening new smaller stores focused on selling mobile phones and tablets.