August 20, 2010 |
Bank of America Corp.'s former chief executive, Kenneth D. Lewis, asked a judge to throw out the New York attorney general's lawsuit accusing him of fraud when he led the bank's purchase of Merrill Lynch & Co. The allegations by Atty. Gen. Andrew Cuomo are implausible, Lewis' lawyers said in documents filed Wednesday with the state Supreme Court in Manhattan. The Merrill Lynch acquisition, they said in the answer to Cuomo's complaint, has proved to be of "major financial benefit to shareholders.
February 6, 2009 |
A few months ago, mighty Bank of America Corp. and its chairman and chief executive, Kenneth D. Lewis, looked like the saviors of the financial system. Now the giant is foundering, and Lewis could be fighting to keep his job. The company's stock price has plunged 66% since Jan. 1 and slipped below $5 a share this week, hitting a 25-year low.
October 3, 2009 |
Bank of America Corp. owes Kenneth D. Lewis, who is quitting as its chief executive at year's end, $68.8 million on his way out the door. Lewis accumulated that amount in his 40 years of work at Bank of America and predecessor companies. Topping the list of assets is a lump-sum pension benefit that was valued at $53.2 million in the bank's last public report on his holdings. That report, in a proxy filing this year, also said Lewis, 62, had $10.6 million in deferred compensation coming his way. And he will keep 305,000 shares of restricted stock that will vest over the next few years, which, at today's stock price of $16.34, is worth about $5 million.
December 17, 2009 |
Ending a tangled succession process, Bank of America Corp. named its retail banking chief, Brian Moynihan, on Wednesday to be its new chief executive. He will assume the CEO post Jan. 1, succeeding Kenneth D. Lewis, who came under fire for his decision last year to acquire weakened Wall Street giant Merrill Lynch & Co. in a deal that required the bank to accept one of the largest infusions of federal bailout funds. Moynihan, 50, was elected unanimously by the board of the Charlotte, N.C., company after directors spent months considering other internal candidates, notably Chief Risk Officer Gregory L. Curl, as well as star bankers from other institutions.
March 25, 2009 |
Bank of America Corp. Chief Executive Kenneth D. Lewis said Tuesday that he wanted to start repaying $45 billion in federal bailout funds next month, after the government's "stress test" of his bank, and to give back the remainder as soon as the nation's wobbly financial system is stabilized. In interviews at The Times, Lewis defended Bank of America's much-criticized acquisitions of Countrywide Financial Corp. and Merrill Lynch & Co. as strategically sound in the long run.
September 16, 2008 |
A.P. Giannini is remembered as the revered founder of Bank of America, but the institution that snagged Merrill Lynch & Co. in a pressure-filled takeover last weekend is very much Hugh McColl's Bank of America. McColl was the boss of Charlotte, N.C.-based NationsBank Corp. in 1998 when it swallowed up Bank of America, then based in San Francisco. The hard-charging former Marine deftly outflanked BofA's more worldly management team to ensure that the bank would be based in Charlotte, that his directors would control the board and that his successor would be a NationsBank man. That successor, Kenneth D. Lewis, has gone beyond fulfilling McColl's dream of running the biggest bank in the country by creating what may become a global powerhouse of retail banking, brokerage and money management.