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Bank of America reports 1st quarter profit

Apr 15, 2011 7:57:00 AM - thestate.com
Bank of America Corp. this morning reported a first-quarter profit, a shake-up in its executive ranks and an agreement to settle mortgage loan buyback requests from an insurer.

The Charlotte-based bank, after two consecutive money-losing years, reported a first-quarter profit for common shareholders of $1.7 billion, down from $2.8 billion a year earlier. The results reflected lower overall loan losses but higher mortgage-related and legal expenses.

In a surprise move, the bank said chief financial officer Chuck Noski, with the company less than a year, will become vice chairman and hand his duties to chief risk officer Bruce Thompson by the end of the second quarter. Noski, 58, intended to relocate to Charlotte this summer but has told Bank of America Corp. chief executive Brian Moynihan he can’t do so because of an illness to a close family member, the bank said.

Noski will be based in Los Angeles and continue to advise management and help with client development as needed. Thompson, 46, will keep his chief risk officer title until a search for a replacement is completed. He is based in Charlotte.

Bank of America also named Morgan Stanley vice chairman Gary Lynch global chief of legal, compliance and regulatory relations, based in New York. The bank’s current general counsel will report to Lynch, 60, who will join the company after an industry-required time-off period.