by CalculatedRisk
From Bloomberg:
Bank of America’s Chief Executive Ken Lewis to Retire Dec. 31 No successor named.
Not sure what to make of this.
BofA Press Release:
Ken Lewis Announces His Retirement "Bank of America is well positioned to meet the continuing challenges of the economy and markets," said Lewis. "I am particularly heartened by the results that are emerging from the decisions and initiatives of the difficult past year-and-a-half."
"The Merrill Lynch and Countrywide integrations are on track and returning value already," Lewis noted. "Our board of directors and our senior management include more talent, and more diversity of talent, than at any time in this company's history. We are in position to begin to repay the federal government's TARP investments. For these reasons, I decided now is the time to begin to transition to the next generation of leadership at Bank of America."
Edited to add:
NEW YORK (Dow Jones)--Ohio Attorney General Richard Cordray said Monday his office could soon seek "billions" from Bank of America Corp. (BAC) and some of its executives, including Chief Executive Ken Lewis, over the bank's handling of its merger with Merrill Lynch & Co. earlier this year.
Cordray has filed a lawsuit on behalf of five pension funds accusing the bank and four executives, including Bank of America Chief Financial Officer Joe Price and Merrill's former chief executive, John Thain, with concealing widening losses at Merrill ahead of a shareholder vote last December to approve the deal. The lawsuit also names Bank of America's chief accounting officer, Neil Cotty.
Shirley Norton, a Bank of America spokeswoman, said: "We are confident we disclosed all that was required and look forward to presenting our position to the court."
Cordray's announcement is the latest legal challenge to Bank of America and its chief executive over the bank's purchase of Merrill Lynch during the depths of the financial crisis. New York Attorney General Andrew Cuomo, the Securities and Exchange Commission, a U.S. Treasury investigator and lawmakers in Congress have all said they are investigating the conduct of Bank of America executives surrounding the Merrill deal.
In fact, a U.S. judge recently rejected a proposed $33 million settlement between Bank of America and the SEC over $3.6 billion in bonuses the SEC says Bank of America inappropriately allowed to be paid to Merrill employees late last year. The judge said the settlement is too lenient on Bank of America executives.
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