OneWest Bank CEO Terry Laughlin is leaving the California-based lender to join Bank of America Corp (NYSE: BAC), a Bank of America official confirmed Tuesday.
Laughlin told OneWest about his plans to leave the company on Tuesday. Laughlin will stay on with OneWest during a transitory period. OneWest, which grew out IndyMac, a failed California lender, is beginning a search to find a new CEO.
Laughlin will be joining Bank of America Corp (NYSE: BAC)’s home loans business as credit loss mitigation strategies and secondary markets executive. He will begin his new position in July and report to Barbara Desoer, president of Bank of America Home Loans.
Bank of America Corp (NYSE: BAC) shares traded down 0.96% on Wednesday ending at $15.43.
