Bank of America announced the death of its vice chairman and head of Global Wealth and Investment Management Terrence P. Laughlin recently. Laughlin, 63, had also been a trustee of the Urban Institute since 2015.
“Terry was so much more than a trustee. He was the rare individual who brought selfless commitment, profound knowledge, rich experience, and a gracious, collegial demeanor to our work in improving America’s communities,” said Jamie Gorelick, chair of the Institute’s Board of Trustees. “He will always be a model for us in our work and in our lives.”
Laughlin previously served as Bank of America’s Chief Risk Officer and had also led the company’s Legacy Asset Servicing group.
“Terry was a builder and a problem solver, and one of the finest individuals I’ve had the privilege to know and work alongside,” said Brian Moynihan, CEO, Bank of America. “His leadership on Global Wealth and Investment Management, helping to build a consolidated banking and wealth management business, is without a peer in our industry. Recently, he helped expand our company’s presence in Pittsburgh, his beloved city where he is so well-admired and respected.”
Before joining Bank of America, Laughlin was a member of the investor group that acquired IndyMac Savings Bank from the FDIC. Subsequent to the acquisition of IndyMac, it was renamed OneWest Bank, and he served as CEO.
“The entire Institute has benefited from Terry’s board service, most particularly our Housing Finance Policy Center. Terry, drawing upon lessons from the mortgage crisis, spurred the center to address mortgage servicing and was central to the creation of a consumer-industry collaborative at HFPC. In short order, some collaborative recommendations were being considered by federal agencies,” said Sarah Rosen Wartell, President at the Urban Institute. “It was a special privilege to have Terry as a colleague and an Institute champion.”