Countrywide COO To Leave After Bank of America Acquisition

Charlotte, N.C.–Bank of America Corp. said Wednesday that Countrywide Financial’s chief operating officer will not assume control of the bank’s mortgage business once the companies are joined, according to the New York Times.Countrywide COO David E. Sambol instead will retire. Charlotte, N.C.-based Bank of America had offered Sambol–who, aside from CEO Angelo R. Mozilo, is Countrywide’s highest-ranking officer–$28 million to stay after its offer to purchase the troubled lender in January for $4 billion was accepted.Mozilo will not be part of the joint company, the Times said.Consumer advocates, politicians and regulators have criticized Countrywide in recent months, claiming its lending practices were a key factor in the U.S. housing decline.