Thursday, October 01, 2009
Binyamin Appelbaum, Washington Post
Binyamin Appelbaum, Washington Post
Bank of America CEO, Ken Lewis, to Step Down Amid Firestorm Over Merrill Merger
For Bank of America's Dealmaker, One Deal Too Many?
Bank of America chief executive Kenneth D. Lewis, whose relentless dealmaking drove the nation's largest bank to heights of astonishing profitability and then to the brink of collapse, epitomizing the rise and fall of an industry, will retire at the end of December, the company said Wednesday.
The announcement capped nine months of free fall for Lewis, who was widely lauded last autumn for the apparent strength of his company and for his willingness to buy the crippled investment bank Merrill Lynch in a deal that he said was partly motivated by patriotism ... and, a gigantic kickback.
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Posted by Editor on 10/01/09 at 05:46 PM •
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