BofA replaces Gissinger with its own executive: report

Wed Sep 24, 2008 1:16am EDT

(Reuters) - Bank of America Corp (BAC.N) has replaced Andrew Gissinger of Countrywide Financial Corp with one of its own long-serving executives, Craig Buffie, the Wall Street Journal said.

Gissinger was heading several groups responsible for selling mortgages to consumers. Buffie, a 24-year veteran, is a member of the banks management operating committee.

Gissinger could not be reached for comment, the Journal said.

Buffie "is the most qualified" to help lead the integration of Countrywide into Bank of America, a company spokesman told the paper on Tuesday.

Three other former Countrywide executives left the combined mortgage operation on Monday, including Brian Hale, who had led the consumer-markets division at the lender, the Journal added.

Despite the exits, former Countrywide executives represent "at least" half of the leadership team at the mortgage business which is headed by Barbara Desoer, the bank spokesman told the paper.

Two other former Countrywide executives, Tom Gamache and Russ Smith, were promoted in the unit's organizational structure.

Bank of America could not be immediately reached for comment by Reuters.

(Reporting by Savio D'Souza in Bangalore; Editing by Jacqueline Wong)