The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Opinion

The leader Bank of America needs

The US bank’s succession planning is turning into a bad joke. But it still has time to get the punchline right by looking outside for its next leader.

The negative reaction to testimony given to the US Congress in November by Brian Moynihan, a leading executive at Bank of America, about the bank’s takeover of Merrill Lynch has led some to count him out of the race for the chief executive’s chair.

Truth is, Moynihan should never have been in the running for the job in the first place.

That is not a reflection of Moynihan’s capabilities. He’s a talented executive with a stellar career within the Bank of America group; he has managed most of the core areas of the bank: wealth management, investment banking and, most recently, the consumer business. At any other time, his CV would mark him out as an outstanding candidate for the role.

But the last thing chairman Walter Massey and his board need as a successor to outgoing Ken Lewis is another pugnacious Bank of America lifer who rubs politicians the wrong way.

Indeed, strong arguments can be made against the credentials of all of the internal candidates for the role at this time. Tom Montag, head of the investment bank, has no experience of consumer banking, still the core of BofA’s business. Sallie Krawcheck, head of wealth management, is barely through the door and does not yet have the necessary gravitas or experience for the top role.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree