Banking

Report: Bank of America set to name new general counsel

Charlotte-based Bank of America is set to name Ford Motor’s top lawyer as its general counsel, the Wall Street Journal reported on Wednesday, citing sources familiar with the action.
Charlotte-based Bank of America is set to name Ford Motor’s top lawyer as its general counsel, the Wall Street Journal reported on Wednesday, citing sources familiar with the action. Bloomberg

Charlotte-based Bank of America is set to name Ford Motor’s top lawyer as its general counsel, the Wall Street Journal reported on Wednesday, citing sources familiar with the action.

David Leitch, who is retiring from Ford, is expected to start at Bank of America early next year, the Journal reported.

The nation’s No. 2 bank by assets has been 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 told the Observer in July.

Bank of America this summer elevated Lynch, 65, to vice chairman as part of a management shuffle that included the departure of Chief Financial Officer Bruce Thompson.

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. In August 2014, 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.

  Comments