Bank 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, firstname.lastname@example.org