OneWest Chief Joining Bank of America

Published June 24, 2010, 1:00 p.m. EDT

1 Min Read

OneWest Bank CEO Terry Laughlin is leaving the company to join Bank of America where he will be reunited with CEO Brian Moynihan and succeed mortgage executive Jack Schakett. Laughlin announced his resignation from OneWest, Pasadena, Calif., on Monday and will stay with the bank through the end of July. At B of A Laughlin will be in charge of limiting home loan losses and monitoring relations with mortgage investors, said a company spokesman. Schakett, a former Countrywide Financial Corp. executive, plans to pursue entrepreneurial ventures. B of A bought Countrywide, once the nation's largest home lender and servicer, in the summer of 2008. OneWest is the successor to IndyMac Bancorp, which was seized by the Federal Deposit Insurance Corp. in 2008.

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