As it continues to look for ways to cut costs in a weak revenue environment for banks, Charlotte-based Bank of America said it has created a new role designed to further simplify the company.
The bank said Laughlin will oversee an initiative called Simplify and Improve, which is also designed to simplify work flow and find ways to invest in the company's operating platform.
His appointment comes three years after the announcement of the companywide cost-cutting and simplification program known as Project New BAC, a plan that calls for the bank to save $8 billion a year by mid-2015.
Laughlin's appointment builds on Project New BAC, the bank said. Since announcing Project New BAC, it has cut tens of thousands of employees and hundreds of branches.
But legal costs continue to weigh on the bank's earnings, and revenue growth remains tough for it and many other banks.
In the first quarter of this year, the bank lost $276 million, or 5 cents per share, as it recorded $6 billion in legal expenses. Revenue in the first quarter was lower than the same quarter last year.
Geoffrey Greener, who had been responsible for making sure the bank met regulatory capital requirements, has been named the bank's new chief risk officer, which means he is now part of the senior management team.