Word: chairman
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Anger among Bank of America investors about the Merrill Lynch deal has been brewing for months. In April, shareholders voted to strip Lewis of the title of chairman. Even then, some people predicted Lewis was not long for the bank, but he managed to hold on to his CEO title for six more months...
...Became Bank of America's chief operating officer in 1999, CEO in 2001 and chairman...
...Anger over the Merrill Lynch takeover led shareholders to strip Lewis' chairman title in April...
...That decision proved disastrous. For the 18 months ending in June, HSBC's U.S. personal-financial-services business posted pretax losses of $20 billion. In March, HSBC announced its consumer-finance operation wouldn't issue any more loans and would begin winding down its business (except for credit cards). Chairman Stephen Green said in a statement at the time that the Household purchase was one "we wish we had not undertaken." (See pictures of the global financial crisis...
...HSBC isn't completely turning its back on the West. Green, the chairman, will remain in London, as will HSBC's official world headquarters. Yet HSBC's return to Asia is still an important signal of where the bank and the world economy believes it will find new growth. "The self-styled 'world's local bank' is realizing some locales are more important than others," noted an editorial in the South China Morning Post, Hong Kong's largest English-language newspaper. "It has taken an extraordinary financial crisis for the bank to see that its future lies where its roots...