Bloomberg News

BofA’s Desoer Will Retire After Helping Guide Mortgage Overhaul

February 04, 2012

Feb. 3 (Bloomberg) -- Bank of America Corp., the second- biggest U.S. lender by assets, said home loans President Barbara Desoer is retiring after aiding a reorganization under co-Chief Operating Officer David Darnell.

Desoer, 58, who has spent 34 years at the company, was assigned in October to integrate her mortgage business into the Charlotte, North Carolina-based firm’s consumer operations, handing over responsibility for loans to other executives. With the transition complete, she decided to resign later this month, according to a memo sent to employees.

“Barbara has always been one to take on our company’s greatest challenges,” Darnell said in the memo.

Chief Executive Officer Brian T. Moynihan, 52, shook up management in September, putting Darnell in charge of consumer and wealth-management units, which included supervising Desoer. Earlier last year, she lost responsibility for about half of the bank’s mortgages when Moynihan segregated about 6.7 million loans into a so-called bad bank run by Terry Laughlin.

Bank of America ceded about three-quarters of its market share in U.S. home mortgages since 2007 as the firm grappled with defective loans, falling to 5.6 percent of originations in the fourth quarter, according to FBR Capital Markets.

Desoer had management roles in technology, retail and commercial banking and risk management and helped the integration of takeovers including that of FleetBoston Financial Corp., MBNA Corp. and U.S. Trust, according to the memo. Her retirement was reported earlier by the New York Times.

--Editors: Rick Green, William Ahearn

To contact the reporter on this story: Hugh Son in New York at hson1@bloomberg.net

To contact the editor responsible for this story: Rick Green at rgreen18@bloomberg.net


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