Charlotte-based Bank of America is looking for a successor to general counsel Gary Lynch, who is expected to maintain a role at the company after a replacement is found, a source familiar with the situation said Friday.
Bank of America this week elevated Lynch, who turns 65 on Saturday, to vice chairman as part of a management shuffle that included the departure of Chief Financial Officer Bruce Thompson. On Wall Street, a vice chairman role is often a stepping stone toward retirement.
In 2011, CEO Brian Moynihan hired Lynch, a former Securities and Exchange Commission official and Morgan Stanley legal officer, as the bank faced mounting legal troubles stemming from the financial crisis. Last August, the bank completed a $16.65 billion settlement with the U.S. government over mortgage-backed securities that resolved its largest remaining legal exposure over troubled mortgages.
After guiding the bank through most of its legal troubles, Moynihan is now under pressure to show the bank can boost revenue and keep a lid on costs. The executive shake-up has stirred questions about his management team only a week after the bank reported better-than-expected earnings.
The Wall Street Journal first reported the bank’s search for Lynch’s replacement.