Mortgage

Bank of America senior management shakeup continues

Seeking replacement for top lawyer, overseer of $16.5 billion DOJ settlement

The senior management shakeup at Bank of America (BAC) is continuing.

According to a Reuters report, citing the Wall St. Journal, Bank of America is interviewing “possible successors” for Gary Lynch, who serves as the bank’s global general counsel.

The Reuters report states that Lynch will move into a “more advisory role.”

Earlier this week, Bank of America announced a series of moves within its senior management.

Most notable among those was the replacement of Bruce Thompson, the bank’s chief financial officer and chief risk officer.

In the release announcing that series of moves, Bank of America said that Lynch was adding the title of vice chairman to his current title of global general counsel.

According to the Reuters report, Lynch played a significant role in the $16 billion settlement between Bank of America and the U.S. Department of Justice over toxic mortgages, collateralized debt obligations and an origination release on residential mortgage loans sold to Fannie Mae and Freddie Mac in the run-up to the financial crisis.

From the Reuters report:

A former enforcement chief at the U.S. Securities and Exchange Commission, Lynch was hired in 2011 to oversee Bank of America’s legal issues stemming from the 2008 financial crisis.

Lynch supervised Bank of America’s $16.5 billion deal with the U.S. Department of Justice last August to end investigations into misconduct in the pooling and sale of mortgages in the run-up to the financial crisis.

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