Bank of America Corp.'s Terry Laughlin will become chief risk officer, switching positions in the bank after only recently taking the job of trying to work through its troubled mortgage book, according to an internal memo.
The shift comes as Bruce Thompson, the company's current chief risk officer, has now officially become chief financial officer. Until later this quarter, Paula Dominick, the global compliance executive, will serve as interim chief risk officer, the memo said.
Since February, Laughlin had been in charge of Bank of America's "legacy-asset servicing group," a new unit created to handle the soured mortgages the bank holds, acquired mostly from its purchase of Countrywide Financial. The bank split the $1 trillion in loans off from the mortgage operations for Laughlin to handle.
"[Laughlin] is steeped in the issues which represent the most significant risk we face, and his ultimate transition into the chief risk officer position reflects that and his deep industry expertise," Chief Executive Brian Moynihan said in the statement.
A replacement for Laughlin in the legacy-asset unit hasn't been named.
