Sunday, July 5, 2015

BofA boss Ken Lewis to go; no new chief named

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

BofA boss Ken Lewis to go; no new chief named

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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.

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

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