By John Kell
Bank of America Corp. named its chief risk officer, Terry
Laughlin, to the newly created role of president of strategic
initiatives, overseeing efforts to simplify work flow and reduce
complexity at the bank.
The Charlotte, N.C., bank Thursday said Mr. Laughlin will remain
a member of the company's senior management team as he oversees the
internal companywide initiative known as "Simplify and
Improve."
Mr. Laughlin had served as chief risk officer since the middle
of 2011, a move that occurred after Bruce Thompson became chief
financial officer.
Meanwhile, Geoffrey Greener has been named chief risk officer.
Mr. Greener was an executive at Enterprise Capital Management.
Bank of America earlier this month reported that it set aside a
further $6 billion for potential costs related to
financial-crisis-era litigation, dragging its first-quarter results
into the red. That news surprised and disappointed shareholders,
many of whom had hoped the era of massive legal reserves had
ended.
Write to John Kell at john.kell@wsj.com
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