Word: banke
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Dates: during 2000-2009
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This December, Lewis will be out of a job. On Wednesday, he sent an e-mail to the bank's staffers saying he will retire by the end of the year. Lewis, 62, said it was his decision to leave, but no one could miss the huge legal dustup swirling around him over the bank's deal late last year to buy Merrill Lynch. The Securities and Exchange Commission (SEC) and New York attorney general Andrew Cuomo have been investigating whether Lewis misled shareholders to gain approval of that acquisition. He could soon face charges in those probes...
...Bank of America said a replacement for Lewis has yet to be named...
...financial meltdown has claimed the careers of many banking-industry stars. But no executive has had as big a roller-coaster ride during this crisis as Lewis. At its start, Lewis and Bank of America looked to benefit from the turmoil facing the banking business. The firm, based in Charlotte, N.C., had never been a big player in the subprime-mortgage business, in either lending or underwriting loans. That prudence led to smaller lending losses at B of A than at Citigroup and other rivals. What's more, while other financial firms were verging on broke, Bank of America seemed...
...Army sergeant and a nurse, Lewis grew up in Columbus, Ga. He joined the firm that would become Bank of America right after graduating from George State College in 1969. Early on, Lewis' cool demeanor and keen credit judgment caught the eye of the bank's chief executive, Hugh McColl. Soon Lewis became the wingman to McColl's swashbuckling merger ways. McColl would do the deals, and Lewis would parachute in to do the cost-cutting and integration. Along the way, the two built Bank of America to become the country's largest bank in terms of deposits...
...where Russia and China could veto them - officials are quietly approaching companies directly, convincing executives that the cost of doing business with Iran has become too high. In the past few months, Washington has leaned on insurance companies that underwrite Iran's shipments abroad and as many as 80 banks that handle financial transactions for the country. In January, the U.S. slapped a $350 million fine on Britain's Lloyds TSB Bank for funneling money from Iran and Sudan into U.S. institutions. "The U.S. Treasury Department has been encouraging major firms to be cautious in their dealings with Iran," says...