It’s quite a big day are Bank of America (BAC), and it’s hard to believe it’s all coincidental.
WSJ: Former Citigroup Inc. Chief Financial Officer Sallie Krawcheck is joining Bank of America Corp. to run the Charlotte, N.C., company’s global wealth and investment management operations, said people familiar with the situation.
Ms. Krawcheck’s appointment, part of a larger leadership shakeup at the nation’s largest bank by assets, opens up the field of potential successors to 62-year-old Chief Executive Officer Kenneth Lewis.
It also takes away half of the businesses that report to Brian Moynihan, who runs wealth and investment management in addition to the corporate and investment bank. Mr. Moynihan is expected to be shifted to a new role, these people said.
Obviously, this can only be interpreted as bad news for Moynihan, who earlier was being touted as a likely Ken Lewis replacement. Ostensibly he’s still in the mix, but having business taken away from you is not going in the right direction.
For what it’s worth, the BofA board still has ‘full faith’ in CEO Ken Lewis.
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