Candidates emerge for BoA top job
BANK of America (BoA) said yesterday that six internal candidates are in the running to take over from chief executive Kenneth Lewis, who shocked the industry yesterday by announcing his intention to retire at the end of the year.
The most likely candidates on the shortlist are believed to be chief risk officer Gregory Curl, home loans and insurance president Barbara Desoer, and global wealth and investment management president Sallie Krawcheck.
Consumer and small business banking president Brian Moynihan, chief financial officer Joe Price and global banking and markets president Thomas Montag, who joined with the acquisition of Merrill Lynch, make up the rest of the list.
However, it is thought that BoA is considering hiring a temporary chief executive for around two years before naming any of the internal candidates as a replacement.
Lewis, 62, stepped down in the face of ongoing criticism of his stewardship from some shareholders and a lawsuit with US authorities, who claim the bank misled shareholders over bonuses paid to employees of Merrill Lynch.
Having led the bank for a decade, he oversaw the $50bn (£31bn) takeover of the bank’s Wall Street rival at the end of last year and was later stripped of the chairmanship of BoA by shareholders.