Word: fleetboston
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...Ironically, Moynihan almost didn't stick around long enough at the bank to become its CEO. In late 2008, former CEO Ken Lewis reportedly considering firing Moynihan, who had joined the bank after its 2004 acquisition of FleetBoston Financial, after the executive turned down the post of head of the bank's card division. Lewis even had a press release drafted announcing Moynihan's departure. The bank's board of directors, however, convinced Lewis to keep Moynihan, who was made the bank's chief legal officer and then the head of its retail operations before becoming...
...tenure was marked by several major acquisitions, including FleetBoston Financial Corp. in 2003 for $47 billion, credit card giant MBNA in 2005 for $35 billion, Countrywide Financial Corp. in 2008 for $4 billion, and Merrill Lynch in 2008 for $50 billion...
...Bank of America expanded, Lewis continued up the corporate ladder, and when his mentor retired 2001, Lewis stepped into the CEO spot. He immediately cut 10,000 jobs and outsourced many others to India. In 2003, he spent $47 billion on his first major acquisition, FleetBoston Financial Corp., which gave North Carolina-based Bank of America a foothold in the northeast market. A series of other purchases - Chicago's LaSalle Bank, Charles Schwab's private banking program - earned him a reputation as a man with a penchant for savvy multi-billion dollar deals. This January, he bought Countrywide Financial Corp...
...Southeast and then on the West Coast, where it captured BofA in 1998 and hauled the name back to Charlotte. Since Lewis became CEO in 2001, the bank's reach has exploded in every direction. BofA is now No. 1 in deposits (with the $47 billion purchase of FleetBoston Bank), No. 1 in credit cards ($35 billion for MBNA) and No. 1 in wealth management ($3.3 billion for U.S. Trust), and with the Countrywide deal, it will soon be No. 1 in mortgages. If Wall Street once looked at this bank as some sort of Southern arriviste, that notion...
Ever since Bank of America bought out FleetBoston Financial last year, the FleetCenter naming rights contract has been obsolete...