Just one analyst’s opinion. But if he isn’t, he should be:
NY Post: Just a day after Lewis decisively ousted ex-Merrill Lynch boss John Thain following a 15-minute meeting, Lewis yesterday was getting buffeted by fresh questions about his own job security as a souring economy and unexpected losses cast serious doubt on the merits of his company’s string of rapid-fire mergers.
At first, Lewis, who last year snatched up troubled mortgage giant Countrywide Financial and then languishing investment bank Merrill Lynch, was hailed as one of Wall Street’s smartest guys – culminating with his receiving American Banker’s 2008 Banker of the Year award late last year.
Since then, Lewis, who in a “60 Minutes” interview called himself a true patriot for rescuing Merrill and Countrywide, has seen his star fade out quickly.
Nancy Bush, an independent bank analyst at NAB Research, told The Wall Street Journal that she believes Lewis is in jeopardy of losing his job because of the apparent lack of due diligence that BofA conducted before acquiring Merrill and given how badly BofA has integrated the two companies. “I think he’s gone next week,” Bush said.
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