Darnell will serve as vice chairman while continuing to oversee global wealth and investment management, as well as business banking, the news report said, citing an internal memo.

Family Wealth Report has contacted BoA about the matter but has yet to hear back.

Montag has split the COO role with Darnell since 2011 and going forward will still run the investment banking and capital markets businesses.

Before his COO responsibilities, Montag was president of global banking and markets at BoA Merrill Lynch, having previously worked at Goldman Sachs for 22 years.