(CHARLOTTE) -- Bank of America Chief Executive Officer Brian Moynihan announced a reorganization of the company’s management. The changes mean Joe Price, president of Global Consumer and Small Business Banking, and Sallie Krawcheck, president of Global Wealth and Investment Management, will leave the company.

The changes are aimed at aligning the Charlotte-based banks operating units with its three core customer groups: individuals, companies, and institutional investors. Moynihan appointed David Darnell and Tom Montag to the newly-created positions of co-chief operating officers, accountable for all of the company’s operating units.

“There is hard work ahead to finalize and implement our New BAC decisions from among the hundreds of thousands of ideas employees have submitted,” said Moynihan. “Only by streamlining and focusing our resources behind our customers will we truly deliver on the promise of what we have built.”

The reorganization is effective immediately, according to Moynihan.