Most reassuring, perhaps, were Noski's words about what shifting the CFO reins to Bruce Thompson means.

"I think this is going to be largely a nonevent," he told the Observer. "Bruce has the office down the hallway from me. The risk management function works very closely with the finance function ... it's going to be a pretty seamless transition."

Noski didn't shed more light on the illness in his family that is leading him to stay in his native California, rather than relocate at BofA's Charlotte headquarters. But he said he had approached Moynihan about it early in December, and "explored a lot of alternatives" with the CEO.

"I'm disappointed to give up the CFO role, but as my late father told me once ... life happens," said Noski. "Something happens, and you have to adjust."