Bloomberg News

Bank of America Adds Rose, de Weck to Board Amid Overhaul (1)

July 24, 2013

Bank of America Corp. (BAC:US), the second-biggest U.S. lender by assets, expanded its board by naming former Wall Street bankers Clayton Rose and Pierre de Weck as directors.

Rose, 54, a former JPMorgan Chase & Co. (JPM:US) executive, is a professor of management practice at Harvard Business School, Bank of America said today in a statement. De Weck, 63, was chairman and global head of private wealth management at Deutsche Bank AG (DBK) and held senior posts at UBS AG and a predecessor of Citigroup Inc., the Charlotte, North Carolina-based firm said.

Bank of America, led by Chief Executive Officer Brian T. Moynihan, has overhauled its board since August as members retired. Additions included former Deloitte LLP Chairman Sharon Allen. Today’s appointments boost membership on the board to 15.

“The management team and I look forward to working with these two experienced leaders,” Moynihan said in the statement.

Rose joined Harvard in 2007, Bank of America said. He spent about 20 years at New York-based JPMorgan, where he headed the investment banking and equities businesses, according to the statement.

He created a course at Harvard called “Managing the Financial Firm” and has lectured in another called “The Moral Leader,” according to Harvard’s website. Published case studies for the university include “JPMorgan Chase & the CIO Losses,” “Barclays and the Libor Scandal” and “What Happened at Citigroup.”

Deutsche Bank

Rose sits on the board of XL Group Plc (XL:US), the Dublin-based insurer and reinsurer and previously lectured at Columbia University, Bank of America said.

De Weck worked for Frankfurt-based Deutsche Bank until he retired last year, Bank of America said. He sat on the boards overseeing chemicals firms Clariant AG and Rhodia SA.

In January, Bank of America named Arnold Donald, the ex-chairman of tabletop sweetener company Merisant Co., and former PepsiCo Inc. treasurer Lionel Nowell III to the board. In August, the lender added four directors, including Allen and executives from the defense, health care and pharmaceutical industries.

Profit rose 63 percent in Bank of America’s second quarter, aided by higher investment-banking fees and a surge in equity trading results. Shareholder equity slipped as the company’s bond portfolio took the biggest hit from rising interest rates among top lenders.

To contact the reporter on this story: Donal Griffin in New York at dgriffin10@bloomberg.net

To contact the editor responsible for this story: Christine Harper at charper@bloomberg.net


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Companies Mentioned

  • BAC
    (Bank of America Corp)
    • $17.12 USD
    • 0.12
    • 0.7%
  • JPM
    (JPMorgan Chase & Co)
    • $60.45 USD
    • 0.33
    • 0.55%
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