CHARLOTTE, N.C. Bank of America Corp. has reorganized its lending group to focus on industry sectors rather than borrowers credit ratings. William Hodges, the companys head of debt capital markets, said the move was made to control losses on problem loans.
Arrington Mixon, head of loan origination, said she will take a six-month leave of absence and will not return to the loan group. She said she wants to expand her career beyond syndicated finance.
Mr. Hodges said realigning the companys lending group along industry lines will help it focus on those clients we want to commit capital to. Bank of America already said it would not renew $20 billion of loans in an effort to rid itself of unprofitable customers.