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Candidates to replace BofA's Ken Lewis

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Published August 4, 2009 at 2:00 PM
The race to replace Bank of America Corp.'s (NYSE:BAC) chief executive Ken Lewis is on. The recent management moves announced by the bank has positioned several members of the new executive team for the job.

Here is a summary of each of those contenders and some facts we've dug up. 

moynihan,brian125x100.jpg1. Brian Moynihan is most frequently cited as Lewis' replacement in news reports. He heads the bank's global corporate and investment banking and global wealth management and consumer banking. Moynihan, a lawyer by trade, was the go-to-guy to help integrate Merrill Lynch after John Thain was forced out. Moynihan, who was general counsel at Fleet Financial Group, wound up at BofA as part of the bank's acquisition of Fleet in 2004, according to Boston.com. Moynihan is from Ohio and is one of eight children. He is an alum of Brown University and graduated with a law degree from the University of Notre Dame Law School.  Moynihan serves on the boards of YouthBuild Boston and the Boys and Girls Clubs of Boston.
 

montag,thomas125x100.jpg2. Thomas Montag runs global markets for BofA and is also head of global corporate and investment banking. Montag was one of the seven bankers at Merrill Lynch & Co. that collected a big bonus from BofA's acquisition of the bank. Merrill Lynch originally wooed Montag in January 2008 after he resigned as Goldman Sachs Group Inc.'s (NYSE:GS) global co-head of securities. Prior to his position in the U.S., Montag was co-president of Goldman's Japanese operations and co-head of Asian FICC and Equities and also ran the firm's global derivatives business. Montag regularly contributes to political campaigns.


price,joe125x100.jpg3. Joe Price is CFO of Global Corporate & Investment Banking Risk Management at BofA. Shortly after joining the company, Price was named the Corporate Risk Evaluation executive and general auditor of Bank of America. He has also held the roles of president of its Consumer Finance Group, member of the Corporate Development team, manager of the Consumer Special Assets Division and manager of Consumer Special Assets. Price is a University of North Carolina alum and has a bachelor's in accounting. Price serves on the Habitat for Humanity of Charlotte board of directors and sits on the advisory board of the Belk School of Business at the University of North Carolina.


krawcheck,sallie125x100.jpg4.  Sallie Krawcheck will run BofA's wealth and investment management operations. Krawcheck, known as Wall Street's most powerful woman and the "last honest analyst," was Citigroup Inc. (NYSE:C) CFO and CEO of global wealth management at Citi before a fallout with current Citi CEO Vikram Pandit. Krawcheck helped build up the Smith Barney unit. She began her business profession as an equity analyst and eventually became chairman and CEO of Sanford C. Bernstein & Co. LLC. Krawcheck is a member of the board of directors of Dell Inc. (NASDAQ:DELL) and a member of the advisory board of Eurasia Group.


desoer,barbara125x100.jpg5. Barbara Desoer runs insurance and mortgage banking at BofA. She joined BofA in 1977 and led the integration of Countrywide Financial Corp. when it was acquired in 2008 and launched the Bank of America Home Loans brand. Dosoer was the second Most Powerful Woman on Wall Street in 2008, according to American Banker. Desoer also has served as chief technology and operations officer at BofA. She is a graduate of Mount Holyoke College and was ranked one of the highest-paid women by Fortune. BofA bought Desoer's home when it wouldn't sell.

So now that you have the low down who do you think is the best contender to replace Lewis? - Maria Woehr

Also see: Does BofA want to be a part of it, in New York?

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Comments

From: Gary Martin,

Regardless who gets the job it needs to stay in Charlotte. Also, the biggest thing to consider is honesty.

Posted on: August 4, 2009 2:46 PM


From: UNC **Charlotte** alum,

Just a clarification - Joe Price is a graduate of the University of North Carolina at CHARLOTTE. The Belk College (not School) of Business is also at UNC CHARLOTTE.

Posted on: August 4, 2009 6:34 PM


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