Lynch, who turns 65 on Saturday, added the title of vice chairman this week. A former enforcement chief at the U.S. Securities and Exchange Commission, Lynch was hired in 2011 to oversee Bank of America’s legal issues stemming from the 2008 financial crisis.

Lynch supervised Bank of America’s $16.5 billion deal with the U.S. Department of Justice last August to end investigations into misconduct in the pooling and sale of mortgages in the run-up to the financial crisis.

Lawrence Grayson, a spokesman for Bank of America, declined to comment.

News of Lynch's transition comes days after the bank said it would replace its chief financial officer and other top executives in a management shakeup.

Bank of America is the second-biggest U.S. bank by assets.

(Reporting by Karen Freifeld and David Henry in New York; Editing by David Gregorio)