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Brian Moynihan Named Bank Of America CEO
WSJ reports that the president of Consumer & Small Business Banking for Bank of America has been named CEO. Yet will the track record of the new CEO be spotted from the beginning: recall that Moynihan served as emergency General Counsel replacement after then GC Tim Mayopoulos was suddenly fired in December 2008, presumably for objecting to the Merrill deal. With the lawsuit on the Merrill debacle yet to come, courtesy of Judge Rakoff, will Moynihan be implicated, in addition to lame duck Ken Lewis?
More from the WSJ:
Brian Moynihan, the 50-year-old executive in charge of Bank of America Corp.'s sprawling consumer and small-business units, was named chief executive, succeeding Kenneth Lewis, people familiar with the situation said.
Directors at the Charlotte, N.C., company voted unanimously Wednesday night to promote Mr. Moynihan to CEO of the nation's largest bank in assets, according to one person close to the discussions.
An Ohio-born lawyer who lives in the Boston area and is one of the few holdovers from the bank's 2004 takeover of FleetBoston Financial Corp., Mr. Moynihan nudged ahead of 61-year-old chief risk officer Gregory Curl after talks with external candidate Robert Kelly fell apart Monday because of differences over his pay package and other issues.
Mr. Moynihan's hiring is a departure from Bank of America's long history of selecting homegrown executives who came up through the ranks of the old North Carolina National Bank and NationsBank, two Bank of America predecessors.
Mr. Moynihan has long been considered a potential successor to Mr. Lewis, holding a variety of posts at the bank, some for short periods of time. A year ago, Mr. Moynihan nearly left Bank of America when he turned down an offer from Mr. Lewis to run the credit card business and move to Delaware.
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What happened to the we-gotta-attract-outsiders baloney? Or the nobody-wants-to-live-in-Charlotte conspiracy? If we accept that he's living in Boston, then how was he the emergency corporate GC? So maybe there is such a thing as telecommuting?
Any relation to Bridget Moynihan? RoboTrader, hook us up!
Srsly, RT provides never-before-seen, over and over.
He's as capable as anyone to run that debacle of a company. He's an old Fleet guy and he never left Boston. In fact, he was moving people from Charlotte to Boston for years.
That company is too big for anyone to manage. The solution to this problem, of course, has traditionally been to make the company even larger. As soon as they're allowed, they will resume the strategy.
While admired for his corporate political skills, he is near universally despised by EVERY i-banker and investment professional at BoA. Montag and his trading and sales team think he's a buffoon. Ask anyone who has known him for some time and you'll find their regard for his business acumen to be wanting.
Time to start putting out the lifeboats.
Where you want these deck chairs? Over here next to the plants? Or would you prefer them over here next to the lifeboats?
Clusterbank.
What an honor. It's like being made capitan of the Titanic or Chair of the SEC
someone needs to dig out the hearing where Mr. M was questioned on the firing of Tim Mayopoulos - Mayopoulos was crystal clear that BofA did not have a justification for invoking the MAC clause. (as in the MAC clause that Lewis allegedly threatened to invoke)
I'm sorry, but Moynihan clearly is not qualified. Has he ever worked for Goldman Sachs? This won't do at all.
and here is the link beginning with Mayopoulos being questioned on why he was fired and what his view was of invoking the MAC -- once they finish with Mayo they move on to Moynihan - also a special excerpt where BofA director Gifford is asked about his comment made in an email where he writes "Screw the Shareholders" - Gifford is a big supporter of Moynihan
http://www.c-spanvideo.org/program/ID/215515&start=2245&end=3714
and another good snippet (acutally this entire hearing is one of the more informative ones)
http://www.c-spanvideo.org/program/ID/215515&start=3877&end=5102
(here is the link to the full two hours (with transcript)
http://www.c-spanvideo.org/program/290061-1
I sure hope investors will put put the BoD's feet to the fire on this executive appointment when things get worse, because they likely will.
I wouldn't touch BofA stock with a 10 foot pole today, tomorrow, or likely even a year from now. If Mr. Moynihan actually comes in and cleans the books, and actually downsizes this clusterf*ck of a mess, I might have feigned interest.
My impression of past (third party) encounters is that he appears morally corrupt, which probably makes him a good banker-- and logical choice for CEO-- but a poor leader.
Toot, toot... 2-3 months ago, we told ZH readership that Monyihan would become BAC's next CEO. The so-called "outside candidate search" over the last several months was for public consumption purposes only. Brian will develop into a decent leader. He has a strong management team and deep bench.