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Bank of America names new GC amid leadership shakeup

2 minute read

REUTERS/Carlo Allegri

  • Lauren Mogensen will replace David Leitch at the end of the year
  • Leitch is retiring next year after six years at the bank

(Reuters) - Bank of America Corp has appointed a new global general counsel as part of a broader slate of leadership changes announced on Friday.

Lauren Mogensen, most recently head of global compliance and operational risk at the bank, will take over the top legal role from David Leitch at the end of this year. Leitch, a onetime partner at Hogan & Hartson (now Hogan Lovells) and former deputy counsel to President George W. Bush, was recruited to Bank of America six years ago from Ford Motor Co. He is retiring next year, the bank said.

Bank of America chairman and CEO Brian Moynihan said in a statement that he had asked Leitch to serve as vice chair until his retirement, "providing his expert stewardship on key issues and priorities on our management team."

The transition in legal leadership comes as part of a larger shuffle that will see five new executives join the bank's senior management team. They include Alastair Borthwick as chief financial officer, Holly O'Neill as president of retail banking, and Wendy Stewart as president of global consumer banking.

The new management team will continue to serve under Moynihan, who signaled his plans to remain at the helm of the bank until the end of the decade.

“As we focus on the path ahead and what it requires, and individuals decide they are ready to transition and/or retire, we are able to promote and expand colleagues from inside the company resulting in new opportunities, smooth transitions, and continued momentum,” Moynihan said in Friday's announcement.

Newly named GC Mogensen has long been a colleague of Moynihan. They worked together at FleetBoston Financial before the Massachusetts-based bank was acquired by Bank of America in 2004. Mogensen joined FleetBoston in 2001 as managing director of mergers and acquisitions, while Moynihan joined the bank in 1993 as deputy general counsel.

During her long tenure at BofA, Mogensen has served as deputy general counsel and as a legal executive in several areas of the company including as corporate secretary. In her most recent role as head of global compliance and operational risk, she has worked directly with global regulators, supervisory institutions and governance committees, along with the company's board of directors, the bank said.

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Xiumei Dong covers legal industry news, with a focus on law firm strategy and growth, in-house counsel and the Washington, D.C., legal market. Reach her at Xiumei.Dong@thomsonreuters.com.

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