Wall Street banks have been losing chief financial officers at an unusually high rate since the financial crisis, a trend that is unnerving investors at a time when they crave a return to stability in the sector.
The surprise decision by Bank of America last Friday to replace Chuck Noski after just a year as CFO means that all the large US financial institutions, with the exception of Goldman Sachs, have replaced their finance chiefs in the past two years.
This wave of change is uncommon for corporate America where CFOs tend to stay for several years and play a crucial role not only in companies’ internal workings but also as a linchpin in their relationships with investors and regulators.
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