Wellesley lawyer new BofA CEO

Bank of American logo 2Bank of American has tapped Wellesley attorney Brian Moynihan as its new CEO, promoting him up from head of the bank’s consumer and small-business operations.  Former Federal Reserve Bank examiner Mark T. Williams, who teaches finance in the BU School of Management, says BofA needs a risk-management veteran, not a lawyer, at its helm.

“In filling this critical position with attorney Brian Moynihan, BofA is not fixing its root problems. BofA has a risk-management problem that it still needs to sort out. For long-term growth and stability, this bank needs to be run by an experienced banker, preferably one who has weathered a few recessions and is risk-management focused.”

Contact Mark T. Williams, 617-358-2789, williams@bu.edu

One Comment

Tax Problems CPA posted on December 19, 2009 at 5:11 pm

B of A has lots of experienced bankers, one of them is Ken Lewis who is on his way out. Brian is not a lawyer. He has been working in banking for the past ten years. He was hired from within the firm therefore he is familiar with the culture, and issues facing the company.

It never hurts to have an executive with a legal background in charge of an organization. From my perspective it is an asset. Everyone knows that the CEO of fotune 500 companies merely listen and say yes or no.

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