In July, Reuters and the Wall Street Journal reported that Gary Lynch, who served as the bank’s global general counsel, was stepping down to move into a “more advisory role.”
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.
On Wednesday, the Wall Street Journal reported that Bank of America is expected to name David Leitch, who is set to retire from a similar position with Ford Motor Co. (F), as the bank’s new general counsel.
From the WSJ report:
Most recently, Mr. Leitch, 54 years old, spent more than a decade at Ford. Previously, he was deputy counsel to President George W. Bush, chief counsel for the Federal Aviation Administration, and worked for the Justice Department.
Ford announced two weeks ago that Mr. Leitch would retire Jan. 1. He is expected to join the bank early next year. Mr. Leitch graduated first in his class from the University of Virginia School of Law and clerked for Supreme Court Justice William Rehnquist.