bank-of-america-merrill-lynch-boss-ken-lewis-calls-it-a-day

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 challenges of the economy and markets. In a second-quarter earnings call on July 17, Lewis referred to the fact that operating conditions for the bank were improving, according to a transcript posted on seekingalpha....

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222