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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...
Lewis' problems came to a head this summer. Bank of America had struck a deal with the SEC to pay $33 million to end an investigation into whether some unnamed Bank of America executives had mislead shareholders when it purchased Merrill. The SEC alleges that in early December, on the eve of a vote to approve the Merrill deal, Bank of America executives told shareholders that no bonuses would be paid to Merrill executives prior to the acquisition. In fact, Bank of America had agreed more than a month earlier to approve the payment of more than $5 billion...
...letter on Wednesday to Bank of America employees, Lewis wrote, "Some will suggest that I am leaving under pressure or because of questions regarding the Merrill deal. I will simply say that this was my decision, and mine alone." It is also abrupt. Just months ago, Lewis told Congress he intended to stay on as head of Bank of America until all the assistance it had gotten from the government to survive the financial crisis had been repaid. It seems unlikely that Bank of America will be able to pay back the government $45 billion anytime soon...
...target on his chest for the whole Merrill Lynch deal, and I can only imagine the emotional stress he's endured." - Alan Villalon, an analyst at First American Funds, after Lewis' announcement. (Associated Press, Sept...
...Some will suggest that I am leaving under pressure or because of questions regarding the Merrill deal. I will simply say that this was my decision, and mine alone." - In his letter to bank staff announcing his retirement. (Wall Street Journal, Sept...