Bank of America (BofA) has named its chief risk officer Terry Laughlin to the newly created role of president of strategic initiatives.
In his new role, Laughlin will be responsible for overseeing the firm’s Corporate Strategy and Enterprise Client Coverage program to serve customers and clients with integrated business capabilities in each market and community.
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Additionally, Laughlin will be responsible for overseeing the internal companywide initiative known as Simplify and Improve, to identify opportunities to reduce complexity, simplify work flow, and invest in the bank’s operating platform.
Laughlin will report to Brian Moynihan, CEO of BofA and will remain as a member of the bank’s senior management team.
As part of the move, Enterprise Capital Management executive Geoffrey Greener will succeed Laughlin as new chief risk officer.
Commenting on the changes, Moynihan said: "These changes mark the next phase of work to simplify our company, manage risk, and improve our efficiency and operational excellence.
"We continually sharpen our focus on helping our customers and clients live their financial lives and on delivering value to our investors."
