CHARLOTTE, N.C. (AP) — Bank of America Chief Executive Brian Moynihan has been named chairman, effective immediately.
The lender said Wednesday that its board of directors elected Moynihan to succeed Charles "Chad" Holiday Jr.
Moynihan has been CEO of the Charlotte, North Carolina-based bank since January 2010.
Like its competitors, Bank of America is still dealing with the fallout from the financial crisis that began in 2007 and the subsequent collapse of the housing market. In August, it agreed to pay a record $16.65 billion settlement for its role in selling shoddy mortgage bonds.
Litigation costs have crimped its earnings this year. Net income after paying preferred dividends is down 67 percent through the first six months of this year versus the same stretch of 2013.
Jack Bovender Jr., who has held a seat on the board since 2002, will become the company's lead independent director. He has previously served as chairman and chief executive of hospital operator HCA.
Bank of America's stock ended regular trading Wednesday down 23 cents to $16.82 amid a broad market downturn. It is up 8 percent this year, outpacing a 5.3 percent gain by the Standard & Poor's 500 index.