Bank of America said on Friday that three more directors have decided to leave its board bringing the number of exits this year to 10.
America's largest bank by assets has a board of 12 members remaining following the departures of John Collins, William Barnet and Gary Countryman.
Mr. Collins' resignation was effective July 29, and the resignations of Mr. Barnet and Mr. Countryman were effective Friday, the company said in a securities filing, the Wall Street Journal reported.
The changes in governance at the Charlotte based lender are the result of a secret regulatory sanction imposed in early May asking the bank to overhaul its board with a majority of new directors, address perceived problems with risk and liquidity management and take a serious look at management and succession planning, Wall Street Journal said.
According to reports, their decision to leave is not due to any disagreement with the Banking group nor its management.