Bank of America Corp. has reshuffled its senior management team, announced plans to replace its chief financial officer, and said it will name a new chief risk officer.

The changes, announced yesterday, come as the new chief executive, Brian Moynihan, seeks to lift the bank out of the slump caused by the recession and soured loans.

Chief Financial Officer Joe Price will become head of consumer and small business banking; the bank will look outside the company for his replacement. Price will take over the job Moynihan, of Wellesley, had until he succeeded Kenneth Lewis as CEO on Jan. 1.

Starting Feb. 1, Neil Cotty, chief accounting officer, will become interim CFO.

Also, Boston-based Anne Finucane remains global strategy and marketing officer.

Sallie Krawcheck retains her position as head of Global Wealth and Investment Management.

Gregory Curl, once considered a possible successor to Lewis, was moved out of his role as chief risk officer. He wasn’t given a title, but will focus on "strategic partnerships.” It is expected he will soon leave the Charlotte, N.C.-based bank. He is being replaced as risk officer by Bruce Thompson.

Also yesterday, the Securities and Exchange Commission sued Bank of America Corp., accusing it of failing to disclose "staggering financial losses” at Merrill Lynch before shareholders approved combining the companies.

The lawsuit seeks an order requiring the bank to pay a civil penalty for not telling shareholders it was losing $15.3 billion in the fourth quarter of 2008.

A spokesman called the charges "totally without merit.”

The SEC and Bank of America were already scheduled to go to trial March 1; the SEC previously accused the bank of failing to disclose billions of dollars in bonuses paid at Merrill Lynch after the acquisition was completed. (AP)