Wednesday, September 30, 2009

Ken Lewis Leaving Bank of America

Ken Lewis is leaving Bank of America at the end of the year. The search for a successor is underway. Lewis says the decision was his.

Lewis has been under fire this year for the Merrill Lynch takeover. Shareholders of BofA were upset that they were not fully informed of the losses that ML had been suffering. In addition, Lewis is the subject of a probe by New York attorney general Andrew Cuomo.

It was alleged earlier this year that Lewis was pressured by former treasury secretary Hank Paulson and fed chairman Ben Bernanke to take ML despite his hesitation. The facts remain to be clarified.

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