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Bank of America
Corp.
LAC -0.39%
On Friday, Vice President Terrence Laughlin, head of the bank's management, died suddenly at the age of 63.
Mr. Laughlin, a member of the bank's management team, was a close advisor to Executive Director Brian Moynihan, and the two men had worked intermittently for decades. After serving in a senior position in 2010 with a mandate to repair the faltering bank, Mr. Moynihan appointed Mr. Laughlin to a variety of senior management positions, including safeguarding the bank's distressed mortgage portfolio. Helps the lender resubmit the Federal Reserve's resistance test. . "
In the years that followed, the bank largely shelved its crisis problems and pursued a conservative strategy that earned him the praise of Warren Buffett, whose
Berkshire Hathaway
Inc.
BRK.B -0.94%
is now the main investor of the bank.
"Terry was a builder and a problem solver, and one of the best individuals I've had the privilege of knowing and working alongside this one," Moynihan said in a statement. "Terry helped to help our society out of the crisis."
Most recently, Mr. Laughlin oversaw the bank's wealth management franchises, Merrill Lynch and US Trust.
Mr. Laughlin contributed to the bank's response to the difficulties encountered during the Federal Reserve's stress tests in 2014 and 2015.
Photo:
Richard B. Levine / Zuma Press
Mr. Laughlin grew up in southwestern Pennsylvania as the son of an accountant for a coking plant in the Pittsburgh area. He had held various jobs to earn money, ranging from caddy to oven coking, said a childhood friend at The Journal in 2011. After working for a local bank, Mr. Laughlin left Pittsburgh for a job in the banking sector at Fleet Financial Group Inc. Providence, RI, where he met Mr. Moynihan in the 1990s.
Mr. Laughlin also worked at Merrill Lynch prior to the Bank of America acquisition of the crisis. There, the most senior executives rejected his calls for a serious depreciation of bank assets purchased just before the collapse of the US real estate market.
In 2009, he became the Managing Director of OneWest Bank, a Pasadena, California-based lender, created after Steven Mnuchin, today US Treasury Secretary, at the head of a group of companies. investors who bought IndyMac under the government regime after the bankruptcy of this lender. crisis. In 2010, just months after assuming the role of Chief Executive Officer, Mr. Moynihan hired him to take care of the bank's troubled mortgage pile.
Write to Rachel Louise Ensign at [email protected]
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