Kenneth Lewis

BofA plans to pay back $45 billion of bailout

December 3, 2009 - 8:46am | Banks and internet banks | News

Bank of America Corp said it would repay $45 billion of taxpayer bailout funds, a move that could free the top U.S. lender from pay curbs as it looks to hire a new CEO but also makes it more vulnerable to further economic shocks.

The surprise announcement on Wednesday marks a victory for outgoing Chief Executive Kenneth Lewis, who is expected to retire from his post by the end of the year. Lewis has said that repaying the government was something he wanted to accomplish before stepping down.

Bailout | BofA | Kenneth Lewis | repayment | TARP funds

-1 points

Searches for new CEO at BofA may take longer than planned

November 23, 2009 - 10:23am | Banks and internet banks | News

Bank of America will likely extend its search for a new CEO into the next year if the board is unable to find a candidate within the following several days as reported by the Bloomberg News who cited the sources familiar with the matter.

Bloomberg notes that at least four external candidates including Citigroup director Michael O' Neill had rebuffed approaches about the job. Thus, the directors may extend a November 26 target date for an appointment and beyond Lewis' expected December 31 retirement date.

Bank of America | CEO | Executive pay | Kenneth Lewis | Treasury Department

-1 points

Bank of America needs an emergency CEO as Lewis is pressed to resign

October 5, 2009 - 2:23am | Banks and internet banks | News

An emergency CEO is considered for appointment at the criticized Bank of America Corporation. If the legal issues force Kenneth Lewis to resign before the end of the year the company plans to find a replacement.

Bank of America | CEO | Kenneth Lewis | legal issues | Walter Massey

0 points

US Congress angry with Fed and Treasury, Lewis declines pressure on BofA

June 12, 2009 - 4:32am | Law aspects | News

The Treasury and Federal Reserve were strongly criticized on Thursday by lawmakers who were questioning Kenneth Lewis over the Merrill Lynch acquisition by the Bank of America. US Congress expressed its resentment against the methods Fed and Treasury used to press BofA purchase the ailing bank which among other things included threat to dismiss the board. Lewis was also accused of concealing the information about Merrill’s rising losses from shareholders.

Bank of America | Ben Bernanke | Federal Reserve | Kenneth Lewis | Merrill Lynch

-1 points

Bank of America reports two more directors left the board

June 9, 2009 - 7:55am | Banks and internet banks | News

Two more directors left Bank of America bringing the total number of executives who have resigned from the company since April to five persons. The bank announced on Monday that the departure of Jackie Ward and Patricia Mitchell was effective June 3. The move is considered by some people to be in line with of an overhaul to bolster the board's banking and financial expertise. Besides, it is also expected to increase scrutiny by directors of Chief Executive Kenneth Lewis.

Bank of America | banking | Board of Directors | finance | Kenneth Lewis

-1 points

Capital needs of BofA are thrice more than expected

May 6, 2009 - 3:34am | Banks and internet banks | News

According to the results of the government stress test Bank of America will need to raise additional capital of $34 billion, reports the Reuters, citing a source familiar with the situation. The figure is by far larger than it was expected by some observers and it will likely rise more grumble on the part of shareholders who just recently voted for Kenneth Lewis’ leaving the chair.

Bank of America | capital need | Kenneth Lewis | stress test

0 points

Kenneth Lewis will further stay at the executive position at BofA

April 30, 2009 - 2:14am | Banks and internet banks | News

On Wednesday Bank of America reported that its shareholders chose to make the role of chairman at the bank independent with 50.34% of shareholders having voted to split the chairman and CEO roles. Chief Executive Kenneth Lewis was relieved of his chairman post and director Walter Massey was elected the new chairman.

Bank of America | CEO | Kenneth Lewis | Merrill Lynch | shareholders meeting

0 points

It was Fed and Treasury who made Kenneth Lewis conceal Merrill’s problems

April 23, 2009 - 4:54am | News | Other themes

Testifying under oath to the New York's attorney general Andrew Cuomo Bank of America’s Kenneth Lewis said that he was pressed by the U.S. Federal Reserve Chairman Ben Bernanke and then-Treasury Secretary Henry Paulson not to disclose the losses of Merrill Lynch and the plans to acquire the failed institution, reports the Wall Street Journal.

-1 points

An official campaign launched to dismiss Kenneth Lewis from BofA’s chair

March 24, 2009 - 7:35am | Banks and internet banks | News

Jerry Finger, a longtime shareholder of Bank of America whose stake in the company is about 0.02% of shares outstanding, initiated a campaign against the bank’s Chief Executive Kenneth Lewis, reports Reuters. The shareholder expressed his dissatisfaction with the bank’s actions to acquire Merrill Lynch & Co. which incurred too much risk for the company.

0 points

Additional bailout to BofA for Merrill Lynch & Co. Inc. was a mistake

March 4, 2009 - 4:16am | Banks and internet banks | News

Chief Executive of Bank of America Corp., Kenneth Lewis, stated that the bank's request for $20 billion in federal funds to support BofA's acquisition of Merrill Lynch & Co. Inc. was a "tactical mistake."

Lewis said the extra bailout funds from the Troubled Asset Relief Program made BofA appear as weak as Citigroup Inc., according to The Financial Times.

0 points

Attorney General "severely disappointed" in BofA’s refusal to report bonuses

February 27, 2009 - 2:28am | Banks and internet banks | News

Bank of America was subpoenaed by the New York Attorney General’s office. The financial institution was required to provide a list of managers who received bonuses and amounts of money they were granted.

As long as the BofA failed to provide the information on bonuses which made the attorney general to be "severely disappointed" the legal office served the bank with a subpoena to obtain the information.

Attorney General | Bank of America | bonuses | Kenneth Lewis | subpoena

0 points

Bank of America cuts about 20 high-ranking executives

December 15, 2008 - 11:53pm | Banks and internet banks | News

In order to resist global financial downturn and to integrate newly acquired Merill Lynch & Co., Bank of America had to purge about 20 high-ranking executives last week. And among them are some longtime loyalists of Chief Executive Officer Kenneth Lewis. As it was reported by the Wall Street Journal earlier the Bank of America Corp. and Merill Lynch &Co.

Bank of America | Crisis | Kenneth Lewis | Lehman Brothers Inc. | Merill Lynch &Co.

0 points

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