Bank of America reported a dismal first quarter and reshuffled its executive ranks with the hiring of a former director of enforcement of the Securities and Exchange Commission to handle regulatory issues.
Headcount at the Charlotte-based bank dipped slightly in the first three months of the year to about 288,000, the bank said in its earnings release. The company set aside $10.17 billion in compensation, 11% more than it did in the first quarter of last year, though it is too early to say whether 2011 will be a more lucrative year for BofA workers.
Profit in the first quarter slid 36% to $2.05 billion, from $3.18 billion in the year-earlier period. Revenue dropped 16% to $26.88 billion.
As its business declined, the bank tapped Gary Lynch, vice chairman of Morgan Stanley, to serve as global chief of Legal, Compliance and Regulatory Relations, a new position.
Lynch, 60, was also chief legal officer at Morgan Stanley and served as the SEC's director of enforcement during the savings and loan crisis in the late 1980s. He led the insider-trading investigations of Ivan Boesky and Michael Milken.
Additionally, CFO Chuck Noski stepped back from his finance chief role, becoming vice chairman. The bank said Noski, 58, decided not to move to headquarters in Charlotte due to the unexpected illiness of a close family member.
Chief Risk Officer Bruce Thompson, 48, will take over the role of CFO at the end of June.
The company is searching for a new top risk officer.
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