Bank of America Taps New Chief Risk Officer

In a statement released Friday, ""Bank of America"":https://www.bankofamerica.com/ announced that it tapped Terry Laughlin to head up the risk management division as chief risk officer.

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""Terry is steeped in the issues that represent the most significant risk we face, and his ultimate transition into the chief risk officer position reflects that and his deep industry expertise,"" CEO Brian Moynihan said in a statement. ""While there is more work ahead, in a relatively short period of time, Terry has helped us make significant progress on our legacy mortgage issues.""

The statement said that Laughlin, currently overseeing ""Bank of America's"":https://www.bankofamerica.com/ legacy asset servicing division, will ""work to put legacy mortgage risk and uncertainty behind the company."" He will take on his chief risk officer role in the third quarter this year.

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Since joining the company in February, he continues to oversee a repository for troubled assets assumed in the 2008 Countrywide purchase, according to the ""_Wall Street Journal_"":http://online.wsj.com/home-page. As executive for credit loss mitigation strategies, he managed mortgage investor services, secondary markets, and home retention strategies.

Laughlin previously served with Moynihan as EVP at ""FleetBoston"":http://www.nndb.com/company/124/000057950/, which Bank of America bought in 2004. Prior to ""FleetBoston"":http://www.nndb.com/company/124/000057950/, he served as president and CEO of ""OneWest"":https://www.owb.com/, where he coordinated and helped implement ""FDIC"":http://www.fdic.gov/ deposits and related acquisitions in Southern California, and as chairman and CEO of ""Merrill Lynch"":http://www.ml.com/index.asp?id=7695_15125. He holds a degree from the ""University of Pittsburgh"":http://www.pitt.edu/academics.html.

Other new hires at Bank of America include Gary Lynch, set to head up legal, compliance, and regulatory relations, and Bruce Thompson, departing from the chief risk officer position, plans to serve as the new chief financial officer. Paula Dominick, the company's global compliance executive, will serve as interim chief risk officer until Laughlin steps in.

""Paula is a proven talent in markets, risk, and compliance matters, and we are fortunate she can serve in this interim capacity,"" Moynihan added. ""We are looking forward to Gary joining us and getting immediately involved in the issues we are addressing.""

According to its Web site, ""Bank of America"":https://www.bankofamerica.com/, one of the world's largest financial institutions, provides small- and middle-market consumers and bigger corporations with an array of banking, investing, asset and risk management products and services.