Bank of America Corp.'s executive shuffle this week supports what the beleaguered 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 chain of command under two top lieutenants, 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.

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