Bank of American is getting rid of CEO Richard Branson.
The bank said in a statement Friday that the former Virgin Galactic CEO will step down after three years in the role, leaving a vacancy at the helm of the bank’s $2.5 trillion ($2.8 trillion) business.
Branson will leave the bank, which was spun off in 2012, after a stint as a major shareholder of the entertainment giant, which has struggled to adapt to the digital age.
He will also step down from his leadership role as the bank board of directors appoints a new leader.
He will become the first CEO of a bank to step down in the United States since the U.S. financial crisis, which began in the summer of 2007.
Brangelina, who is a longtime friend of President Donald Trump, has been at the center of several controversies, including the U-turn on Trump’s travel ban on seven Muslim-majority countries and his public comments that he would be willing to kill terrorists in exchange for an agreement to build a wall along the Mexican border.
The Associated Press reported that Branson will begin his new role on Oct. 10 and will begin working from the White House.
He was appointed chief executive in October 2015.
Banks and other financial institutions around the world are grappling with rising costs as they grapple with the rise of digital payments and cloud computing.
In addition to the financial crisis that followed the dot-com bubble, many banks were forced to cut costs by investing in technologies such as blockchain and cloud-based technologies.
Brancos resignation comes less than a week after his former company announced it was cutting about $1 billion from its U.K. and Ireland operations.
The bank has said it will use the money to expand operations in the U., Europe and Asia.