Bank of America Corp. General Counsel Gary Lynch, who was named vice chairman this week as part of a broad management shakeup, will step down as the company's chief lawyer after a replacement is found.
Lynch, who turns 65 on Saturday, will continue to serve as vice chairman, according to a person briefed on the decision, who asked not to be identified discussing personnel matters. The search for a new general counsel started several months ago, the person said Friday.
Chief Executive Officer Brian Moynihan hired Lynch four years ago to tackle legal claims tied to the 2008 acquisition of Countrywide Financial Corp. Lynch joins another former Securities and Exchange Commission enforcement chief, JPMorgan Chase & Co.'s Steven Cutler, in seeking a reduced role after helping resolve legal challenges in the wake of the financial crisis.
Bank of America paid more than $70 billion to resolve legal disputes since 2009, most of it during Lynch's tenure. Before joining the Charlotte, North Carolina-based bank, he was vice chairman at Morgan Stanley and Credit Suisse Group AG.
The Wall Street Journal reported Lynch's plans earlier Friday.