Charlotte, N. C.-based Bank of America Corporation recently announced that Terry Laughlin will move to the role of chief risk officer after he wraps up his work to ease the bank's legacy mortgage risk as the head of its Legacy Asset Servicing Division. Paula Dominick will serve as the interim chief risk officer until Laughlin makes the transition to his new role late in the third quarter.
"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. 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," said Bank of America's CEO, Brian Moynihan, in a news release. "Paula is a proven talent in markets, risk and compliance matters, and we are fortunate she can serve in this interim capacity."
The announcement of this new appointment comes as Bruce Thompson, the former chief risk officer for Bank of America, begins serving in his new role of chief financial officer. The bank has not yet announced a replacement for Laughlin's position as the head of Legacy Asset Servicing.