Lawyer May Be Next in Line to Head Bank of America
The lawyer who is leading Merrill Lynch & Co. could end up replacing Bank of America Corp. chief executive Kenneth Lewis.
Lawyer Brian Moynihan took over at Merrill Lynch in January after the ouster of John Thain, and he has managed to hold on to the job despite some clashes with Merrill executives, the Wall Street Journal reports (sub. req.). Now he is Lewis’ potential successor, the story says.
Moynihan has become right-hand man to Lewis as he deals with the financial crisis, the story says. But whether Moynihan eventually gets the top job “will likely depend heavily on whether he can successfully merge Merrill into Bank of America, an integration that so far has been plagued with high-profile departures and infighting,” the story says.
Naysayers criticize Lewis’ suggestion to pay bonuses to keep investment bankers on board and his use of a private jet for a London business trip.
