Bank of America adds two board members

Wed Jul 24, 2013 6:46pm EDT

A view of the Bank of America's Tower in New York October 24, 2012. REUTERS/Eduardo Munoz

A view of the Bank of America's Tower in New York October 24, 2012.

Credit: Reuters/Eduardo Munoz

(Reuters) - Bank of America Corp's (BAC.N) board added two directors, Clayton Rose and Pierre de Weck, effective immediately, the bank said on Wednesday.

Rose is a Harvard Business School professor and a former executive at JPMorgan Chase & Co (JPM.N), and de Weck, is a former executive at Deutsche Bank AG (DBKGn.DE), Citicorp and UBS (UBSN.VX).

At JPMorgan, Rose led the global investment banking and global equities divisions. De Weck had most recently served as global head of private wealth management at Deutsche Bank until his retirement in 2012.

The bank declined to make Rose and de Weck available for interviews.

The additions bring the size of the bank's board to 15.

Bank of America, the second-largest U.S. bank, has been reshaping its board in recent years. In 2009, the bank reconstituted its board in response to regulatory pressure to add directors with banking expertise to assist with issues related to the financial crisis and the bank's acquisition of Merrill Lynch. That year the bank added former FDIC Chairman Donald Powell and former Morgan Stanley executive Robert Scully to the board, among others.

After some of the crisis-era issues subsided, Bank of America sought out directors who had experience running large, global corporations, like Mukesh Ambani, chairman of Reliance Industries Ltd. of India; Linda Hudson, the president and chief executive officer of defense contractor BAE Systems Inc., and R. David Yost, former chief executive officer of pharmaceutical firm AmerisourceBergen.

Scully, Powell and Ambani have all stepped down this year, and the appointments of Rose and de Weck bolster the board's financial services and global expertise in the wake of their departures.

(Reporting by Peter Rudegeair; Editing by Carol Bishopric and David Gregorio)

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