Bank of America Names Officer to Oversee Simplifying of Work Flow

By John Kell 

Bank of America Corp. named its chief risk officer, Terry Laughlin, to the newly created role of president of strategic initiatives, overseeing efforts to simplify work flow and reduce complexity at the bank.

The Charlotte, N.C., bank Thursday said Mr. Laughlin will remain a member of the company's senior management team as he oversees the internal companywide initiative known as "Simplify and Improve."

Mr. Laughlin had served as chief risk officer since the middle of 2011, a move that occurred after Bruce Thompson became chief financial officer.

Meanwhile, Geoffrey Greener has been named chief risk officer. Mr. Greener was an executive at Enterprise Capital Management.

Bank of America earlier this month reported that it set aside a further $6 billion for potential costs related to financial-crisis-era litigation, dragging its first-quarter results into the red. That news surprised and disappointed shareholders, many of whom had hoped the era of massive legal reserves had ended.

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