Bank of America on Monday tapped its legacy servicing chief, Terry Laughlin, as the bank’s new chief risk officer.
Laughlin currently heads BofA’s Legacy Asset Servicing (LAS) unit, which was created earlier in the year to handle troubled residential mortgages the bank inherited from Countrywide Financial Corp.
With Laughlin shedding those responsibilities, the bank will need to find a new manager for LAS. “Terry put together a strong team of support executives at LAS,” said a company spokesman but noted that a decision has yet to be made about his successor.
Laughlin’s transition to his new role will not happen until late in the third quarter. In the meantime, global compliance executive Paula Dominick will serve as interim chief risk officer.
Bruce Thomson was the bank’s CRO, but was promoted to chief financial officer.