July 24 Bank of America Corp's 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, and de Weck, is a
former executive at Deutsche Bank AG, Citicorp and
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
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
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