Bank of America has appointed Joe Price, the company's chief financial officer, as head of retail banking, filling the opening created by Bryan Moynihan's promotion to chief executive this month. The appointment is effective from 1 February and part of a broader announcement unveiling Moynihan's initial management team. Before being CFO, Price was the risk management executive for global corporate and investment banking, responsible for the management of credit, market and operational risks associated with the credit portfolio and trading products. Price joined BofA in 1992 after serving on the bank's engagement team at then PriceWaterhouse. While at the firm, he was a member of the Financial Institutions National Industry Group, specialising in banking and acquisitions and derivatives. He obtained an accounting degree from the University of North Carolina at Charlotte. The bank will look outside of the company to replace Price as CFO.