| Log in

Brian Moynihan To Succeed Ken Lewis As CEO Of Bank Of America

17 December, 2009

Bank of America has appointed an insider as the successor to Ken Lewis as chief executive. The bank’s board late on Wednesday night announced the appointment of Brian Moynihan as the top boss. Moynihan, a company veteran, was this fall appointed as head of consumer and small business banking of Bank of America.

He had also done several other stints in the bank as the general counsel and head of wealth management and investment banking. The new role would round out his resume as far as the banking functions he has held.

Moynihan was picked to run the investment bank in January after former Merrill Lynch CEO John Thain was fired from the post.

Analysts have mixed opinion about his choice. Investment Dealers’ Digest quotes Anthony Polini, an analyst at Raymond James Associates, as saying that Moynihan “is a very capable guy” while another observer Gary Townsend, the CEO of Hill-Townsend Capital, who said Moynihan did not have retail experience. “We need someone with instantaneous credibility who is strong in retail banking. Moynihan is in that job now but he has only been there for six months,” Townsend has been quoted as saying.

Moynihan is said to be close to the outgoing CEO Ken Lewis, and his choice seems to have endorsed the business model adopted by Lewis and his predecessor Hugh McColl Jr. all this long. 


Leave Your Comment
John Thain To Stay Back At Bank Of America As I-Banking Head

John Thain To Stay Back At Bank Of America As I-Banking Head

TEAM VCC 9 years ago
Merrill Lynch chairman and CEO John Thain will be the head of investment...
Ex-Merrill CEO John Thain Fired From Bank of America

Ex-Merrill CEO John Thain Fired From Bank of America

Reuters 9 years ago
John Thain, former chief executive of Merrill Lynch & Co, has been ousted...
Warren Buffett To Invest $5B In Bank Of America

Warren Buffett To Invest $5B In Bank Of America

Reuters 6 years ago
Warren Buffett will invest $5 billion in Bank of America Corp, stepping in to...
No Comments

Brian Moynihan To Succeed Ken Lewis As CEO Of Bank Of America

Powered by WordPress.com VIP