BofA taps Morgan Stanley vet Scully as director

NEW YORK - Bank of America Corp (BAC.N) on Friday said it named to its board a veteran Morgan Stanley (MS.N) dealmaker known best for advising the U.S. government in several high-profile bailouts last year.

Former Morgan Stanley co-president Robert Scully, 59, becomes the 14th member of a Bank of America board that was overhauled earlier this year at the company's annual meeting. The Charlotte, North Carolina, bank has faced intense shareholder and government pressure for a board shake-up.

At the meeting, CEO Ken Lewis was stripped of his chairman's role, but all the remaining directors were re-elected. Since then, five directors have left the board, shrinking the number from 18 to 13 members, before Scully's appointment.

As Morgan Stanley co-president, Scully oversaw the firm's asset management, Discover credit card and merchant banking businesses.

Just before retiring from Morgan Stanley in January, Scully was a key adviser to the U.S. government during its rescues of Fannie Mae, Freddie Mac and American International Group (AIG.N).

Bank of America did not say on which board committees Scully would serve, and had no additional comment.

(Reporting by Joe Rauch; Editing Bernard Orr)