Bank of America Merrill Lynch boss Ken Lewis calls it a day

Bank of America Merrill Lynch CEO Ken Lewis will retire by year-end. An August reorganisation flagged Sallie Krawcheck, Brian Moynihan and Tom Montag as possible successors, but no clear handover strategy has emerged.

Ken Lewis, chief executive officer and president of Bank of America Merrill Lynch, surprised markets on Wednesday with an announcement that he will retire effective December 31. In addition to his executive roles, Lewis will also relinquish his directorship on the BoA board.

Lewis said in a written statement announcing his departure he felt the time was right for BoA to transition to a new leadership, given that the bank is well positioned to meet the continuing...

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