Bank of America Makes Changes To Executive Management Team

Joseph Milton

15 April 2011

Bank of America has made three new appointments to its executive management team – positions which will be taken up by the appointees after a planned transition period of several months.

The bank named Gary Lynch as global chief of legal, compliance and regulatory relations – a newly-created role. Previously vice chairman of Morgan Stanley based in London, Lynch will relocate to New York and report to chief executive officer Brian Moynihan. He will join Bank of America after fulfilling the terms of his garden leave.

Chuck Noski previously Bank of America’s chief financial officer, will become vice chairman. Noski, who will be based in Los Angeles, will also report to Moynihan. He will start as vice chairman after his responsibilities as CFO pass to Bruce Thompson.

Thompson is currently the bank’s chief risk officer and will become CFO when the bank finds a replacement CRO. He will succeed Noski by the end of the second quarter of 2011, the bank said in a press statement.

Lynch has also worked as chief legal officer at Morgan Stanley, and held senior leadership positions at Credit Suisse and the US Securities and Exchange Commission, where he was director of enforcement.

Before becoming CRO, Thompson was head of global capital markets at Bank of America Merrill Lynch. He has also worked as co-head of global credit products and head of global leveraged finance at the bank.

In other recent developments, the bank appointed Mukesh Ambani to its board of directors earlier this month.