Perhaps it’s fitting that a company called Bank of America (BAC) would become a poster-child for the post-crisis, American zombie bank.
You might think Citi (C) is the ultimate zombie, but that’s only because Bank of America (BAC) has done a better job pretending that it’s back on the road to normalcy. However, as Heidi Moore points out at NYMag, Ken Lewis is owned by Uncle Sam. BofA is not his bank anymore, as evidenced by the constant board shuffling, and even the newly-emerged fight to be his successor:
Tellingly, not one of the three executives is a Lewis loyalist or protégé (mostly because there is no such thing). Montag was lured to Merrill Lynch with a $50 million pay package promised by former Merrill chief executive John Thain. Krawcheck, once labelled “the last honest analyst” by Fortune, is clearly being brought in for credibility. Moynihan rose through the ranks at Fleet. Lewis handed him responsibility for the businesses Lewis dislikes most: investment banking and Europe.
At this point, Lewis is jsut a caretaker. He’s not on the board anymore, and other than the disastrous Merrill acquisition, the future of the bank won’t much bear his imprimatur.
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