BofA moves compliance team

Under pressure from its U.S. regulator, Bank of America has shifted its compliance group from its legal department to its risk oversight group, a source familiar with the matter said.

Reuters reports that the move comes as federal regulators have warned big banks to adopt more ethical internal cultures or they could be broken up to make them easier to manage.

Officials with the Office of the Comptroller of the Currency (OCC), which in September finalised 'heightened expectations' guidelines for the way large banks manage their risks, discussed the matter with Bank of America officials in December.

Soon after that meeting, the bank decided to switch its compliance group to the risk control area, said the source, who spoke on condition of anonymity citing a lack of authorization to speak publicly on the matter.

To access the complete Reuters article hit the link below:

Bank of America shifts compliance team out of legal unit after OCC pressure - source

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