Top Business News

CHARLOTTE, N.C., April 16 (UPI) -- Bank of America, the maximal U.S. slope by assets, is making management changes in activity to a fall in profits, sources told The Wall Street Journal.

BofA's Chief Executive Officer Brian Moynihan has decided to transition Chief Financial Officer Chuck Noski to a vice chair employ sooner than expected, a source said.

The slope is also hiring metropolis Lynch, a past Securities and Exchange Commission attorney, who module administer the bank's deference with regulations, the Journal said.

BofA is ease struggling to regain its footing after the financial crisis, in part because of its 2008 acquire of mortgage playing Countrywide Financial Corp.

BofA paying $4 billion for Countrywide, a playing with 1.3 meg mortgages on its books, more than 85 percent of which allow borrowers at least 60 days New on their payments.

BofA's profits dropped 36 percent in the first lodge of 2011 compared to the same period a assemblage earlier. By contrast, JPMorgan Chase reported profits rose 67 percent in the first lodge compared to January through March 2010.