On October 1, 2009
As Lewis Departs, Bank of America Faces Toughest Quarter Yet In 2009
In mid-September, I pointed out that after a calm year, Bank of America faces storms ahead (see story here). At the time, equity prices were booming and not many seemed to pay much attention to these words of caution. Some of that process is already starting to unravel, however. After only just managing to retain his position as chief executive officer earlier in 2009, Ken Lewis announced this week that he’s stepping down to leave a successor to build on or dispose of the more than $130 billion of acquisitions he oversaw since 2001. Among those, Merrill Lynch and scandal-plagued Countrywide will no doubt be the more challenging acquisitions to handle for the new chief executive. Of the internal nominees…
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