Bank of American chief executive Kenneth Lewis says he's stepping down as head of the nation's largest bank by the end of the year. No successor named yet. Announcement here.
Tumultuous year for troubled BofA, which has absorbed giant broker Merrill Lynch, giant home lender Countrywide Financial, and billions in federal government investments. Consumer banking head Liam McGee left in August, leaving fast-rising former general counsel Brian Moynihan in charge of that half of the company, including BofA's troubled Wilmington-based credit card lender (led by MBNA Corp. veteran Ric Struthers.)
Will Moynihan keep rising? The last bank we know where the g.c. ended up running the company was Citigroup, under Charles Prince, and that ended badly.