Alts.-Backed Bank CEO Resigns

Jun 25 2010 | 7:05am ET

A bank owned by a consortium of alternative investments firms is losing its CEO.

Terry Laughlin is stepping down from OneWest Bank, the former failed lender IndyMac, 15 months after the hedge funds and private equity funds, including Paulson & Co., Soros Fund Management, JC Flowers & Co. and Dune Capital Management, bought it. He will join Bank of America to succeed the retiring Jack Schakett as head of the bank’s mortgage investments.

Laughlin will remain at OneWest until the end of next month.

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