Bloomberg News
LONDON - Bank of America Corp. has appointed Douglas Bowers to head its European business, succeeding Alexandra McLeod, people familiar with the bank said.
Mr. Bowers, formerly head of middle-market investment banking, will oversee the bank's Europe, Middle East, and Africa units, which employ 2,500 people, a person said. Mr. Bowers joined the bank in 1980.
Ms. McLeod, a 22-year Bank of America veteran, left to pursue other interests, a person familiar with the situation said.
The Office of the Attorney General in New York says the bank violated the state's Exempt Income Protection Act, illegally transferring customers' money to debt collectors.
The Providence, Rhode Island, company is having discussions with private wealth management teams elsewhere as it seeks to expand its fledgling private bank. In just three months, private banking deposits doubled to $2.4 billion.
After the Minneapolis-based company reported stubbornly high commercial deposit costs, it reduced its full-year forecast for net interest income by $200 million-$500 million.
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
Rising deposit costs have plagued banks in general, and the Tennessee bank had to pay up to bolster liquidity after its failed merger with TD. But First Horizon retained customers in the first quarter while not paying them the special rates they got last year.
