OneWest Bank Chief Executive Terry Laughlin is stepping down to join Bank of America Corp., where he will be reunited with CEO Brian T. Moynihan and succeed mortgage executive Jack Schakett.
Laughlin announced his resignation from OneWest, of Pasadena, Calif., on Monday and will stay with the bank through the end of July, according to spokeswoman Diane Henry. Schakett announced his retirement last week, B of A spokesman Dan Frahm said.
OneWest is the successor to IndyMac Bancorp, which was seized by the Federal Deposit Insurance Corp. in 2008. The FDIC has since relied on OneWest to absorb other failed California lenders. Laughlin was on the executive committee at Fleet Bank at the same time as Moynihan and will be one of six executives reporting to Barbara Desoer, president of B of A's home loan and insurance unit.
Laughlin will be in charge of limiting home loan losses and monitoring relations with mortgage investors, Frahm said. Schakett, a former Countrywide Financial Corp. executive, plans to pursue entrepreneurial ventures, Frahm said. B of A acquired Countrywide in 2008.