Thursday, December 17, 2009

Bank of America names CEO, decides to stay in Q.C.

Posted By on Thu, Dec 17, 2009 at 12:18 PM

Now, was all that stressing about Bank of America hightailing it to New York City worth it, negative nellies? Noooo.

But don't let this news put your industrious fires out people. We've still got to diversify if we want to be an attractive, competitive city.

Bank of America's board has selected Brian Moynihan as the bank's new chief executive, spokesman Bob Stickler said this evening.

Moynihan, previously the bank's consumer banking head, will have his office in Charlotte and the bank will remain headquartered in Charlotte, Stickler said.

After Bank of New York Mellon Corp. chief executive Bob Kelly dropped out of the running on Monday, Bank of America Corp.'s board was expected to choose from two internal candidates – Moynihan and chief risk officer Greg Curl – to replace departing CEO Ken Lewis.

Lewis, 62, announced Sept. 30 that he was stepping down at year's end, ending a four-decade career at the company amid mounting criticism of his Jan. 1 Merrill Lynch & Co. acquisition. The search for his replacement, led by a six-director committee, dragged on longer than many expected, entering its 11th week on Wednesday.

Moynihan, 50, is a lawyer by training. He joined a FleetBoston predecessor in the early '90s as deputy counsel, then moved into finance jobs.

By 2004, when Bank of America bought FleetBoston, Moynihan was in charge of the brokerage and wealth management unit. He held virtually the same job at the combined new bank, and stayed in Boston. The unit, and hundreds of bank leaders, moved there.

In 2007, Moynihan was put in charge of the investment bank and charged with cleaning it up. The next year, Lewis put him in charge of leading the integration with Merrill.

In August, in another management shakeup that Lewis orchestrated, Moynihan was named head of consumer banking.

Read the rest of this Charlotte Observer article, by Rick Rothacker and Christina Rexrode, here.

In related news: Bank of America shareholder: Don't choose Curl or Moynihan for CEO

In barely related news: Fifth Third Bank is moving Uptown

And, lookie, the new CEO has already ticked off some members of Congress:

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