Bank Of America Names President Of Consumer Banking As New CEO

Update your EECB contact lists: Bank of America has named their new CEO. The new man in charge will be Brian T. Moynihan, who has been the president of president of Consumer and Small Business Banking since August. According to BusinessWeek, the board chose Moynihan after an external candidate dropped out of contention.

Bank of America’s new boss must stanch defaults on consumer loans tied to the recession, which led to two losses in the past four quarters. He must also integrate Merrill Lynch and smooth relations with regulators after they clashed with Lewis over the purchase. The bank paid back $45 billion to the U.S. Troubled Asset Relief Program on Dec. 9.

Moynihan takes charge of the biggest U.S. lender by assets and deposits, the No. 1 home lender and the largest issuer of debit cards. He’ll also oversee underwriting, trading and retail brokerage operations of New York-based Merrill Lynch. The bank counts 53 million consumer and small-business customers in 150 countries at 6,000 offices, and the company’s stock is a component of the Dow Jones Industrial Average.

Good luck to Mr. Moynihan, who surely will need it. The last we knew, his e-mail address was brian.t.moynihan@bankofamerica.com.

Bank of America Names Moynihan CEO, Replacing Lewis [BusinessWeek]

Bank of America Board of Directors Elects Brian Moynihan CEO
[Press Release]

Comments

Edit Your Comment

  1. moore850 says:

    They should have got Pat Moynihan. Calling all angels indeed!

  2. _hi_ says:

    hmm, so I didn’t get the job… must have been all that spam in tips I sent to the consumerist.

  3. Blueskylaw says:

    If the Glass-Steagall act gets passed again BoA won’t have to worry about integrating Merrill Lynch.

    Three cheers for the return of Glass-Steagall.

    • tjustman says:

      Because BofA bought Merrill Lynch, we taxpayers didn’t have to suck up the billions in losses if it needed to be propped up like AIG . Because Glass-Stegall is gone, taxpayers saved a bunch of money. The combination of brokerage and banking hasn’t caused negative outcomes – Wall Street screwed up the economy fine on their own. They could use some consumer banking conservatism.

  4. topcad says:

    If he was the president of president of Consumer and Small Business, is this a step down? By the way, it’s fun to say Moynihan. Try it.

  5. Blueskylaw says:

    “the board chose Moynihan after an external candidate dropped out of contention. “

    What the bank didn’t say was that Gregory L. Curl, had become a potential target in an investigation by the attorney general of New York.”

  6. ElizabethD says:

    Brian is awesome. Seriously. This could be very good news all around.

    Shout-out to fellow Brown grads! Brian played rugby during his undergrad years there.

  7. PølάrβǽЯ says:

    When you look up cheesy in the dictionary, that is the pic you see.

  8. larkknot says:

    I switched from Wachovia to BOA a month or so ago, and every time I do any kind of banking with them I’ve been amazed. 5 business days to deposit funds to avoid overdraft fees. Automatically rejecting double-billed transactions. ATM deposits made before 8 are availible same business day…. and I just found out I can get into some museums for free.

  9. That's Consumer007 to you says:

    This guy looks kinda smarmy, mean and clueless. Perfect for BoA. Lol.