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.
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.
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.
January 28, 1999 |
BankAmerica Corp. named Kenneth D. Lewis president, as the leadership of the old NationsBank consolidates power after its merger with BankAmerica last year. The title of president had been held by Hugh L. McColl Jr., the company's chairman and chief executive, since the resignation in October of David Coulter. Coulter, chairman of the old BankAmerica, quit less than a week after the bank surprised investors with a $372-million loss from a loan to a hedge fund.
October 1, 2009 |
Kenneth D. Lewis, who became a focus of public and political outrage while presiding over Bank of America Corp.'s stunning fall from grace in the financial crisis, is stepping down as chief executive at the end of the year. Lewis, who had helped build the company into the nation's largest bank, faced widening criticism in particular for the company's acquisition of faltering giant Wall Street brokerage Merrill Lynch & Co. He joins a line of once widely admired CEOs who quit or lost their jobs in the wake of huge losses stemming from the mortgage meltdown, including the heads of Citigroup, Bear Stearns, Lehman Bros.
April 16, 2009 |
Bruised by a year of financial catastrophe, some bank shareholders are out for revenge as the corporate annual meeting season approaches -- with Bank of America Corp. Chairman and Chief Executive Kenneth D. Lewis a prominent target. His critics, who are calling on shareholders to vote him off the company's board at its annual meeting April 29, cite the bank's moves last year to acquire two struggling firms, mortgage giant Countrywide Financial Corp. and brokerage powerhouse Merrill Lynch & Co.