Sept. 1 (Bloomberg) -- Bank of America Corp.’s Terry Laughlin, who assumed the role of chief risk officer two weeks ago, appointed Jim Alessandri and David Flannery to newly created positions.
Alessandri will be the retail risk-management executive, overseeing home loans, consumer and small-business banking and global wealth and investment management, according to an Aug. 30 memo confirmed by Eloise Hale, a company spokeswoman. Flannery will be global banking and markets risk-management executive, covering corporate and institutional clients.
“We are announcing changes that will accelerate our work by allowing us to manage risk with a more holistic view of customer relationships,” Laughlin said in the memo. “Our risk leadership team will be streamlined and we will tightly align senior risk-management leaders to the company’s business lines.”
Chief Executive Officer Brian T. Moynihan, 51, is reshuffling executives amid the rising cost of faulty mortgages acquired in the 2008 takeover of Countrywide Financial Corp. Bank of America, based in Charlotte, North Carolina, has declined 40 percent this year, lagging the 26 percent decline in the KBW Bank Index. Laughlin assumed his new role last month.
Alessandri and Flannery, who was head of global leveraged finance, will report to Laughlin, as will Mick Ankrom, who continues in risk for global wealth and investment management, and Paul Morrison, who will be the risk executive for the legacy asset servicing business, according to the memo. Craig Rosato will leave the firm.
--Editors: Dan Reichl, William Ahearn
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