Bank of America Corporation today announced that Chief Risk Officer Terry Laughlin is moving to a new role as president, Strategic Initiatives. Geoffrey Greener, Enterprise Capital Management executive, will become chief risk officer.
“These changes mark the next phase of work to simplify our company, manage risk, and improve our efficiency and operational excellence,” said Chief Executive Officer Brian Moynihan. “We continually sharpen our focus on helping our customers and clients live their financial lives and on delivering value to our investors.”
Laughlin’s responsibilities will include Corporate Strategy and Enterprise Client Coverage, the company’s program to serve customers and clients with integrated business capabilities in each market and community. Laughlin will continue to report to Moynihan and remain a member of the company’s senior management team.
Laughlin also will oversee the internal companywide initiative known as Simplify and Improve, to identify opportunities to reduce complexity, simplify work flow, and invest in the company’s operating platform.
This builds on Project New BAC, a multi-phase, companywide initiative that began in 2011 to align businesses and costs with the company’s strategy and operating principles and increase revenues.
Also reporting to Laughlin are Legacy Assets and Servicing and U.K. Card Services.
As chief risk officer, Greener joins the senior management team.