Top Firm Said Making Plans For Possible Leadership Change
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Bank of America is under the cosh, as securities regulators, state attorneys general and members of Congress are all probing the company's takeover of Merrill Lynch. It seems that not a day goes by without another negative headline, another pop at Lewis, and yet more distraction for a firm which is working under extreme pressure to get its act together.
CNBC quotes Tony Plath, banking professor at UNC-Charlotte, who said: 'It comes to a point that the company is so completely distracted by the legal fight, it can't focus on business. This is becoming a significant impediment to management's job'. And although many feel that Lewis owes it to stockholders to stand down, he is thought unlikely to go unless he is pushed out by his board. Known to be a somewhat stubborn man who will dig in his heels, Lewis is said to be holding up under the pressure of the multi-front onslaught, and remains comforted by the strong belief that the Merrill Lynch acquisition will be in the long-term interest of shareholders. Although many feel that Lewis could be proved right, fewer are convinced that he still will be at the helm by the time the transaction really starts to deliver.
In the meantime, Bloomberg reports that the bank has confirmed that it will a pay $425m cancellation fee for an asset protection insurance program agreed with US authorities, but never officially signed or taken up.
Finally, Dow Jones Newswires reports that the bank has confirmed that its chief strategy and marketing officer, Anne Finucane, will rock up to meet with Edolphus Towns (Chairman of the House Committee on Oversight & Government Reform) Tuesday, to discuss the Committee's request to provide it with information that the bank has claimed is subject to attorney-client privilege.
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