Word: ende
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Dates: during 2000-2009
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...weekend before Lehman Brothers' collapse, Merrill Lynch CEO John Thain turned to Lewis for help. Thain called Lewis to offer him 10% of his firm. Lewis said he wanted it all. By the end of the weekend, the deal was done. Lewis was hailed as a hero for saving Merrill on the same morning that Lehman was forced to file for bankruptcy. (See the top 10 bankruptcies...
Many analysts believe that the Merrill deal, while risking the solvency of Bank of America, will end up being a boon for the bank. Merrill still has a strong investment-banking franchise, and even in the depth of the financial crisis, its wealth-management business continued to be profitable. Nonetheless, Lewis won't be around to see the fruits of the deal...
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...
...statement, Bank of America said it plans to name a successor to Lewis before the end of the year. Observers say Brian Moynihan, who in August was promoted to the head of the bank's retail network, is the most likely to replace Lewis. Another possible though less likely contender is Sallie Krawcheck, who was formerly the head of Citigroup's brokerage division and joined Bank of America in August...
...previous summer, he had worked in trading at Goldman Sachs, where he could have continued to excel once he decided to end his playing career...