Bank of America makes senior appointments

Bank of America (BoA) has made a number of changes to its executive management team.
Bruce Thompson has been appointed chief financial officer, moving from chief risk officer to be in post by the end of June.
He replaces Chuck Noski who will become vice chairman of the group, continuing to advise on strategic and capital management matters and on the resolution of legacy issues.
In a newly created position, Gary Lynch will serve as global chief of legal, compliance and regulatory relations, joining from Morgan Stanley.
All will report to chief executive officer, Brian Moynihan.
BoA has also reported net income of $2 billion for the first quarter of 2011, compared with $3.2 billion in the same period of 2010, and a net loss of $1.2 billion in the fourth quarter of 2010.
According to the group, results for the most recent quarter were positively affected by lower credit costs, gains from equity investments, and higher asset management fees and investment banking fees.
However, improvements in these areas were offset by higher legacy mortgage-related costs, higher litigation expenses, and lower sales and trading revenue.