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BoA to Consolidate Wealth, Investment Units in Boston

Bank of America will shift 10 of its top executives to Boston as part of a consolidation of its wealth and investment management divisions into that city. The Charlotte, N.C.-based company had already moved the leader of the division, Brian Moynihan, so the announcement was not exactly a surprise. The move comes a month after Massachusetts officials questioned whether the firm, after its merger with FleetBoston, turned its back on employment pledges by cutting jobs in its already existing Boston office in favor of movement into its Charlotte headquarters. Of the 10 executives, seven will come from the company's New York office, two from Charlotte and one from Baltimore. Employees reporting to those executives will also shuffle into Beantown.