Bank of America, Countrywide to name Sambol to new role

Charlotte, NC: Bank of America Corporation and Countrywide Financial Corporation have announced that David Sambol, Countrywide's president and chief operating officer, will lead the combined consumer mortgage business once Bank of America's planned purchase of Countrywide is complete.

Sambol will continue in his current role, reporting to Countrywide chairman and chief executive officer Angelo Mozilo until completion of the transaction, which is targeted for the third quarter.

In a related announcement, Bank of America Global Consumer and Small Business Banking President Liam McGee announced that Card Services Executive Bruce Hammonds will assume the newly created role of Global Consumer Credit Executive when the purchase closes.

In a release on PR Newswire, the bank said that Hammonds, who will continue to report to McGee, will be in charge of all consumer credit products, including the consumer mortgage organization, Bank of America Card Services and unsecured lending. Sambol will report to Hammonds when the transaction closes. The Global Consumer Credit group will be part of Global Consumer and Small Business Banking.

"Bruce is a strong and experienced leader who knows the consumer lending business extremely well," said McGee. "As we deepen our consumer credit product offerings, it's a logical step to have one executive overseeing all of these businesses, which are critical to our future success."

"Customers tell us they want a simple, reliable way to access credit," McGee added. "We are also taking an important step in meeting that need by simplifying our organization. This new integrated approach will help us provide our customers the right credit solutions at the right time in their lives."

Floyd Robinson will continue reporting to McGee and lead Bank of America Consumer Real Estate and Insurance Services until the transaction closes.

Sambol and Robinson will work with Hammonds on integration activities for Countrywide and Bank of America, respectively.