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BofA Moves Compliance From Legal to Risk Management

Joe Mont | January 7, 2015

Greener-geoffrey-0115Bank of America has moved its compliance function out of its legal department and aligned it under Chief Risk Officer Geoff Greener and the bank's Risk Management organization.

"Our decision to combine the two groups aligns all risk management oversight under our Chief Risk Officer simplifying how we operate and is consistent with steps we have been taking as our company continues to normalize after largely resolving legacy issues related to the financial crisis," a statement from the bank says. The change took place on Wednesday morning.

Like other big banks, Bank of America has faced billions of dollars in regulatory fines and settlements since the financial crisis. A recent tally of regulatory actions by analysts at the firm Keefe, Bruyette & Woods put Bank of America at the top of the list,...

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