2014 Government Regulations & Business Summit
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By Gavin Finch
LONDON - Bank of America Corp., the second- largest U.S. bank by assets, has formed a global advisory council to instruct senior executives on strengthening the firm’s client relationships.
The 13 council members will include former French finance minister and current chief executive officer of Atos Origin SA, Thierry Breton, managing director of Kuwait Investment Authority, Bader Al-Saad, and Choi Chong-Suk, chairman of Korea Investment Corp., Bank of America said in a statement today.
“Bank of America has relationships with clients who compete in every region of the globe,” said CEO Brian T. Moynihan, chairman of the council. “We thank our global advisory council leaders for sharing their perspective, experience, and judgment, which will help make us a better partner for the clients.”
Moynihan has spent his first three years as CEO overhauling the bank after his predecessor’s takeover of Countrywide Financial Corp. and Merrill Lynch & Co., divesting more than $60 billion of assets. The bank announced an $11.7 billion deal to end disputes with Fannie Mae on bad home loans this month and joined an $8.5 billion industry accord to compensate for abusive foreclosures.