Bank Of America Plans Mortgage Organization Changes

Charlotte-based Bank of America today announced changes to its mortgage operations when it completes its merger with Countrywide Financial.

Bank of America says today the Countrywide's president and chief
operating officer, David Sambol, will lead the combined consumer
mortgage business. Sambol will continue in his current role, reporting to Countrywide Chairman and Chief Executive Angelo Mozilo until the transaction is complete. That's expected in the fall.

Bank of America is buying the California-based mortgage lender for 4 billion dollars in stock.

The bank also says today that card services executive Bruce
Hammonds will assume a newly created role, global consumer credit
executive, when the merger is complete.

Hammonds will be responsible for all consumer credit products.


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