Krawcheck Staying at Bank of America (BAC)- FOX Business

According to FOX Business Network’s Charles Gasparino, Bank of America Corp. (NYSE: BAC) denied a report on Tuesday that the head of the firm’s brokerage department, Sallie Krawcheck may soon leave the company.

Krawcheck is currently the highest-ranking executive on Wall Street, and officials at the bank believe that the report of her leaving Bank of America was started by one of her rivals, Robert McCann.

McCann currently runs the brokerage unit at UBS (NYSE: UBS), and used to hold the same position at Merrill Lynch, which is now part of Bank of America.

The report that rumored Krawcheck’s departure stated that she was resisting efforts by the firm to alter the way brokers and traders are compensated.

“The point in that Sallie doesn’t have the complete support of the entire management team and CEO Brian Moynihan is false,” a spokewoman for Bank of America told FOX Business.

The spokeswoman added that there have not been discussions about changing the pay structure of the firm’s brokers, and that the company is behind Krawcheck 100 percent.

“Why would we want to get rid of Sallie when the business is doing great,” the spokesman added.

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