Bank of America (BAC) Lawyer Could Potentially Be Its Next CEO
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The lawyer put in charge of Merrill Lynch & Co., Brian Moynihan, is emerging as the right-hand man and potential successor to Bank of America's (NYSE: BAC) CEO Kenneth D. Lewis, according to the WSJ. But at the same time, it appears Moynihan is clashing with some of Merrill's highest-ranking executives .
Bank of America's Ken Lewis has signaled he could leave the bank as soon as the current crisis is over and plans to definitely leave within three years, and Brian Moynihan is on the list of potential candidates, according to the WSJ. Other top bank executives on the list include mortgage head Barbara Desoer and CFO Joe Price also are under consideration.
Despite limited Wall Street experience, Moynihan has been at Lewis's side at several important moments during the financial crisis. Moynihan did most of the talking at a recent meeting in March, which included Lawrence Summers, the chief White House economic adviser. After the meeting, Summers remarked he was impressed with Moynihan.
But whether Mr. Moynihan eventually takes over will likely depend on the success of merging Merrill into Bank of America. Thus far, the integration of the two firms has been met with many high-profile departures and infighting.
UPDATE: In a Fox Business interview, Ken Lewis has said that Moynihan "could be" the CEO's successor, but also said that "several others" on BofA's management team could be strong candidates for the job.
Bank of America's Ken Lewis has signaled he could leave the bank as soon as the current crisis is over and plans to definitely leave within three years, and Brian Moynihan is on the list of potential candidates, according to the WSJ. Other top bank executives on the list include mortgage head Barbara Desoer and CFO Joe Price also are under consideration.
Despite limited Wall Street experience, Moynihan has been at Lewis's side at several important moments during the financial crisis. Moynihan did most of the talking at a recent meeting in March, which included Lawrence Summers, the chief White House economic adviser. After the meeting, Summers remarked he was impressed with Moynihan.
But whether Mr. Moynihan eventually takes over will likely depend on the success of merging Merrill into Bank of America. Thus far, the integration of the two firms has been met with many high-profile departures and infighting.
UPDATE: In a Fox Business interview, Ken Lewis has said that Moynihan "could be" the CEO's successor, but also said that "several others" on BofA's management team could be strong candidates for the job.
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