The Business:Bank of America is a unique organisation with a history spanning more than 200 years.
A highly acquisitive strategy with major buyouts including those of MBNA and Merrill Lynch, combined with strong organic growth, positions Bank of America as one of the largest providers of managed consumer card credit services in the world.
In the U.S alone, they serve 49 million consumers and small businesses with 5,000 retail banking offices, 16,000 ATMs, 30 million online banking users and more than 15 million mobile users.
The Challenge:The Legal Team at Bank of America were hands-on, strategic partners to the business. They were a valued part of the company and interacted with individuals at all levels, from the CEO down.
The Consumer Credit Lawyer position was created as the previous incumbent moved into a different role within the business.
This would be an exciting opportunity for a talented individual to head up the Operations Team, providing advice on all aspects of regulation concerning consumer credit card and loan products together with related products for both the UK and Ireland.
Our Candidate:In accordance with the nature of the Legal Team, Bank of America required a handson individual who would be responsible for managing the in-house legal operations team comprising of three qualified and experienced solicitors.
The scope of the role was broad, including a key advisory input for card and loan products, new initiatives, new delivery channels, changes to terms and conditions and compliance with strict advertising laws.
Reporting to the Head of Law, the successful candidate would themselves be in charge of a team of three lawyers, so a proven track record of successful people management and the ability to get the best out of strong characters in the team was necessary.
Our Solution:A talented individual who, at the time, was the Head of Legal for another well-known global banking giant was attracted to this opportunity by our headhunter. Their consumer, corporate and commercial law experience was second to none and, importantly, they had gained this experience with a string of major banking outfits.
The successful candidate had advised on all areas and aspects outlined by the team at Bank of America, plus, they’d managed a team of fellow lawyers whilst delivering training and guidance to them as well as high ranking members of other departments.
Our client was also impressed with this professional’s strategic contributions and ability to display valuable insights in important decision-making situations.