Desoer has worked for Bank of America since 1977 and was most recently charged with the thankless task of "integration of the Home Loans business into Consumer Banking" in the wake of former CEO Ken Lewis's disastrous decision to buy Countrywide Financial in 2008.
Desoer served in various business areas for Bank of America including, "senior leadership roles in Global Technology & Operations, Consumer Products, Marketing, Retail Banking, Commercial Lending and Risk Management."
The company's co-chief operating officer David Darnell said Desoer's leadership had been "essential through an economic cycle in which housing has been a central theme and, at the same time, positioning our mortgage business as part of the holistic customer strategy."Desoer said that "the transition of Home Loans into Consumer Banking is complete and under the capable leadership of those who will successfully carry forward the strategy and demonstrate Bank of America's full capabilities to our customers." Bank of America's shares have been hot, rising 34% year-to-date through Thursday's market close, despite analysts' earnings estimate cuts, following the company's continued efforts to shore up its regulatory capital by shedding assets, including profitable foreign credit card operations. In what could be a very significant court decision, pointing the way to less overhang from the Countrywide acquisition, Bloomberg reported on Friday that U.S. District Judge Mariana Pfaelzer in Los Angeles threw out Allstate's (ALL) lawsuit against Bank of America over $700 million in mortgage-backed securities originally purchased from Countrywide. The judge found that Allstate hadn't provided sufficient evidence that BAC had committed fraud by structuring the Countrywide acquisition so that nothing was left for Countrywide's creditors. Bank of America's shares were up 5% in late afternoon trading, to $7.82. Interested in more on Bank of America? See TheStreet Ratings' report card for this stock. -- Written by Philip van Doorn in Jupiter, Fla. To contact the writer, click here: Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV