Bank Of America Names New CEO

Bank of America says retail banking head Brian Moynihan will replace Ken Lewis as CEO on Jan. 1.

The bank's naming of an internal executive on Wednesday follows unsuccessful attempts to hire an outside star banker for the top job. Those negotiations were stymied by pay restrictions imposed by government pay czar Kenneth Feinberg.

Moynihan, 50, joined the Charlotte, N.C.-based bank as part of its 2004 purchase of FleetBoston Financial Corp. Over the past year he has served as BofA general counsel, head of global wealth management and consumer bank chief.

The new CEO faces some daunting tasks. He must juggle regulatory investigations into the bank's 2008 acquisition of Merrill Lynch while try to repair its relationship with regulators and members of Congress who have sharply criticized Lewis.


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  • by US citizen for now Location: Washington on Dec 17, 2009 at 05:05 PM
    Lewis got his big bonuses and stash out of the last $700Bil bailout for banks and mortgage firms last year. The new guy will be under more pressure due to the dozens of smaller banks going under in the US. This may increase BOA stock. Much of our money smells like chinese food thanks to Obamanation administration and the liberal nuts in congress raising our debt to highest levels in history. Progressivism at it's best. Then communism.
  • by Investor Location: NC on Dec 16, 2009 at 09:19 PM
    I hope he gets the Stock price up again. For us Stock Share Holders.
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