Bank of America Corp. said Terry Laughlin, vice chairman and head of global wealth and investment management, has died. He was 63.
Laughlin, who ran the bank’s $2.8 trillion wealth-management business, formerly served as its chief risk officer, the bank said in a statement Friday. Larry Di Rita, a spokesman for Bank of America, declined to comment on the cause of death or succession plans.
In 2011, Laughlin was tapped to head the bank’s Legacy Asset Servicing unit, which was created to manage foreclosures and soured loans. Laughlin was previously chief executive officer of OneWest Bank, the successor to IndyMac Bank, which was seized by the Federal Deposit Insurance Corp. in 2008.
“Terry was instrumental in helping our company recover from the crisis,” Bank of America CEO Brian Moynihan said in the statement. “Terry was a builder and a problem solver, and one of the finest individuals I’ve had the privilege to know.”
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Laughlin recently helped expand Bank of America’s presence in Pittsburgh, Moynihan said. The two executives worked together at FleetBoston Financial before its 2004 purchase by Bank of America.