NEW YORK, March 14 (Reuters) - Bank of America Corp Vice Chairman Gary Lynch will retire on April 1, the lender’s chief executive told employees on Tuesday in a memo seen by Reuters.
“Gary was an indispensable leader of our company during one of the most challenging periods for our industry and the global economy,” CEO Brian Moynihan said in the note, which was first reported on by The Wall Street Journal. “His work helped to rebuild our brand and enable our responsible growth strategy to take hold.”
Lynch, who joined the lender in 2011, guided Bank of America through settlements to resolve fallout from the financial crisis in 2008-09. He also oversaw the bank’s 2014 settlement with the U.S. Department of Justice over its sale of toxic mortgage securities.
Prior to his time at Bank of America, Lynch helped investment houses Morgan Stanley and Credit Suisse First Boston resolve disputes with regulators, building on his experience at the Securities and Exchange Commission, where he served as director of enforcement from 1985-89. (Reporting by Tina Bellon, editing by G Crosse)