UPDATE 1-Bank of America says David Darnell no longer co-COO

Fri Sep 5, 2014 1:00pm EDT

(Adds background, shares)

Sept 5 (Reuters) - Bank of America Corp said David Darnell will no longer serve as the company's co-chief operating officer, but will continue to oversee the bank's global wealth and investment management business.

Darnell shared the role with Thomas Montag and following Darnell's move, Montag will be the sole COO of the bank.

Montag is the highest paid executive at the Charlotte, North Carolina-based bank, with $15.5 million in total compensation in 2013, up from $14.5 million a year earlier.

Bloomberg had reported last month that Darnell was seeking to relocate to Florida with his family.

Darnell had been the company's co-COO since September 2011, Bank of America said in a filing. (1.usa.gov/YhXfhm)

Shares of Bank of America were down 0.8 percent at $15.98 in afternoon trading on the New York Stock Exchange. (Reporting by Amrutha Gayathri in Bangalore; Editing by Savio D'Souza)

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