The news that Sallie Krawcheck has found a new gig is roiling the news wires. Krawcheck, 44, will report to CEO Ken Lewis and oversee global wealth and investment management, which includes Columbia Management.

Her hiring means that Dan Sontag, head of global wealth management at Merrill Lynch, has a new boss. Merrill's 15,000 brokers are a key part of distribution for mutual fund firms through Bank of America.

Until the end of last year, Krawcheck held a similar post at Citigroup's Smith Barney arm. Citi merged Smith Barney with Morgan Stanley earlier this year. Earlier in her career she made her mark at as an executive vice president at Alliance Capital Management and CEO of Sanford C. Bernstein & Co.

The Krawcheck hiring has stock brokers "buzzing," according to Dow Jones.

Meanwhile, the Financial Times reports that Krawcheck is in the running to succeed Lewis as Bank of America's CEO. The London paper also reports that Krawcheck had considered joining a consortium that is reportedly attempting to buy out UBS' brokerage arm.

Brian Moynihan, the incumbent head of Bank of America's global corporate and investment banking and of global wealth management, will take over the bank's consumer and credit card businesses.

Lewis said that he made the changes working closely with the bank's board, and that they are a response to a significantly changed environment.

"Considering these challenges and working closely with our board, I reviewed the management team and have decided to make some changes, bringing new talent into the team and adding new perspectives," Lewis said.

"The combination of the Merrill Lynch, US Trust and Bank of America wealth management franchises is a powerhouse, and I look forward to working with all of the talented people there to reach the businesses' true potential," Krawcheck stated. 

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