At Least New BofA CEO Brian Moynihan Knows the Bank Well


Bank of America (BAC) has finally picked a successor to Ken Lewis. After months of trying to recruit an external candidate for the now worse-than-thankless job, BofA has picked Brian Moynihan as its new CEO. He's held several key positions inside the bank, including a role as the in-house lawyer who helped negotiate its deal to acquire Merrill Lynch. Since Ken Lewis announced he would leave -- in the wake of allegations that he misled Congress when discussing what he knew about Merrill Lynch's financial condition before buying it -- BofA's board had struggled to find a suitable replacement.
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