RSS feedken lewis
’“A fraud against the American people”
The banker backlash continues – and in some style.
Thursday afternoon, New York attorney general Andrew Cuomo’s has taken the case against Ken “we’re good at this” Lewis public.
Reuters flashes report Cuomo is charging the former Bank of America CEO in connection with his role in Bank of America’s troublesome acquisition of Merrill Lynch,
BofA’s strong arm tactics
If Lloyds bondholders thought they were given an offer they couldn’t refuse over CoCos, what about Bank of America shareholders.
Overnight, BofA announced plans to pay back $45bn of TARP money, using $26.2bn of its owns cash,
BofA breakup raised in CEO hunt
At least two candidates for the top job at Bank of America told directors that the banking giant should consider breaking itself up, but board members conducting the CEO search have rejected the idea at least for now,
BofA may go for stop-gap chief executive
Bank of America may appoint an interim chief executive, or even delay the retirement of Ken Lewis, if the bank cannot settle on a candidate by November 26, Bloomberg reports. At least four external candidates have rebuffed approaches,
Goldman, BofA chiefs on defensive
Goldman Sachs pays its employees more than other financial groups because its employees are more productive, Lloyd Blankfein, Goldman CEO, told a banking conference on Tuesday. Blankfein said that people
The many Fingers in the BofA pie
The Wall Street Journal’s Deal Journal blog has provided lively coverage of the leadership vacuum at Bank of America, as well as colourful background to the bank’s shotgun marriage to Merrill Lynch.
On Tuesday,
BofA’s Lewis to forfeit 2009 pay
Ken Lewis, who will shortly retire as Bank of America chief executive, will receive no pay or bonus for 2009, averting a dispute over the matter with Kenneth Feinberg, the Obama administration’s “pay tsar”.
BofA to hand over Merrill documents
Bank of America agreed to hand over documents detailing the legal advice it received during its purchase of Merrill Lynch, the WSJ said, citing people familiar with the situation. The reversal, which comes after months of resistance,
BofA dissidents attack CEO candidates
A dissident group of Bank of America shareholders launched a battle on Wednesday to prevent the beleaguered bank’s board from naming as chief executive one of two men who were deeply involved in the controversial acquisition of Merrill Lynch last year.
BofA narrows list of CEO candidates
Bank of America directors have narrowed the internal candidates to succeed retiring CEO Ken Lewis to the bank’s chief risk officer, Gregory Curl, and small-business banking chief, Brian Moynihan, reports the WSJ.
When did BoA chief Krawcheck stop beating her spouse?
From Dealbreaker on the alleged fact that Sallie Krawcheck is campaigning for Ken Lewis’ old job at Bank of America:
Doubtful! Oh, but not so, says the the Post, claiming that not only does SK want the job,
Lewis exit sparks BofA internal clash
The surprise announcement last week by Ken Lewis that he would step down as chief executive of Bank of America has triggered an internal battle among factions, each with its own candidate for the top job.
Richard Bove ♥ Gregory Curl in BofA succession
My but Rochdale Securities’ Richard Bove changes his mind quickly.
In a Wednesday note the veteran banking analyst wrote, on the subject of a successor to Bank of America’s Ken Lewis:
A replacement has not been named as yet but it is expected to come from within the company.
Bank of America considering “short-term” replacement for Lewis
“Blindsided” directors at Bank of America are considering bringing in a short-term chief executive to replace Ken Lewis, The Wall Street Journal reported on Thursday.
The replacement would keep the job for about two years,
‘Bank of America is losing a brilliant leader’
Dick Bove weeps for the loss of Ken Lewis. Emphasis FT Alphaville’s, eyebrow-raising assertions Bove’s:
- Ken Lewis has resigned as the CEO of Bank of America effective December 31, 2009. He made the decision because his ability to manage the company was critically impaired by the “hue and cry” raised against him.
Guess the Ken Lewis beard
“One sign to company insiders that something was up: Mr. Lewis returned to work after Labor Day in a full beard, which no one at the bank had ever seen before,” – Wall Street Journal.
BofA’s Ken Lewis to step down
Ken Lewis, the embattled chief executive of Bank of America, will step down in December, leaving the biggest US lender without a successor. His surprise decision to retire, announced Wednesday night, ends a turbulent eight-year tenure at BofA and comes after Morgan Stanley,
BoA loses Lewis; no successor as yet
That’s what Charlie Gasparino said on CNBC late on Wednesday. Apparently, Bank of America has six internal candidates vying to take over the role of chief executive from Ken Lewis.
The names in the frame include Thomas Montag,
Lewis grilled over Merrill deal
Ken Lewis, Bank of America chief executive, faced aggressive questioning in US Congress on Wednesday over his role in BofA’s troubled takeover of Merrill Lynch last year. Lewis said he had no recollection of asking federal regulators in the lead-up to the Merrill deal for a letter to protect him from shareholder lawsuits.
Kucinich to Ken Lewis: I don’t buy your victim shtick
Ohio Democrat Dennis Kucinich ripped into Ken Lewis during the latter’s testimony on Capitol Hill on Thursday.
The congressman, among other things, accused the Bank of America chief executive of flirting with perjury in his calculated responses and of “playing the victim”.
Will Ken Lewis convince Congress he really is “good at this”?
Ken Lewis is about to face a grilling on Capitol Hill. The subject at hand: that merger with Merrill Lynch.
Here’s some background to the hearing, drawn from the FT Alphaville and FT archives.
Item one,
BofA board to stick by Lewis
Bank of America board is not planning to remove chief executive Ken Lewis after he was ousted as chairman under shareholder pressure, the WSJ reports. The bank’s board did not discuss succession at a meeting on Wednesday or in recent talks with regulators.
Lewis ousted as BofA chairman
Bank of America chief executive Ken Lewis was stripped of his role as chairman on Wednesday after rebellious shareholders forced BofA’s normally quiescent board to replace him with long-time director Walter Massey.
Pension funds call for new BofA board
The two largest US pension funds, Calpers and Calstrs, are calling for removal of the board of Bank of America, including Ken Lewis, the chairman and chief executive. Both funds will vote against the election of all 18 BofA directors at Wednesday’s board meeting in North Carolina.
CalPERS calls out Ken
The California Public Employees Retirement Systems, or CalPERS, has Bank of America CEO Ken Lewis in its sights after Merrill Lynch-gate.
Here’s their press release:
CalPERS Votes Against Bank of America Board of Directors – Cites Losses;
Bank of America needs to raise $60-70bn
That’s the view of FBR Capital Markets and it is somewhat at odds with reports that claim Bank of America was facing a capital shortfall of just $1bn or so based on the early results of the US banking stress tests.
Nothing is as dangerous as a Thain scorned
My, my, it’s like kiddies pinching and punching each other in a sandbox, only – yes folks, we’re talking about some of America’s current and former top bankers and finance officials.
First we had Bank of America’s Ken Lewis revealing that he was bullied and threatened by the then-US Treasury secretary into proceeding with the troubled deal for BofA to acquire Merrill Lynch.
Storm erupts over BofA’s Merrill deal
The circumstances surrounding Bank of America’s controversial takeover of Merrill Lynch on Thursday sparked an unprecedented public dispute involving the bank’s embattled CEO, Ken Lewis, and top officials past and present.
Cuomo confidential
In testimony leaked to the Wall Street Journal on Thursday, Bank of America chief Ken Lewis suggests that former US Treasury secretary Hank Paulson forced his hand on the Merrill deal.
Lewis had his doubts about the transaction,
Has Ken killed the bear market rally?
Shares in Bank of America lost a quarter of their value on Monday. And if you thought that might have been an overreaction, think again.
Here were reprise the Credit Quality (or lack of) section from