Bank of America Corp.'s executive shuffle this week supports what the beleaguered Charlotte conglomerate has been telling investors for weeks: It will keep selling unwanted bits of the company and hold on to major business units.

By ousting two top executives and streamlining the company's chain of command under two new mini-chieftains, Chief Executive Brian Moynihan is effectively ceding day-to-day oversight of Bank of America's nearly 290,000 workers across six sprawling businesses, experts say.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.