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December 17, 2009

WBrief: BofA picks insider as news CEO

By Spear's

In the end, after an exhausting ten week search, Bank of America picked an insider with sharp political elbows – and a wealth management background – to be the new president and chief executive of the largest bank in the US and now the world’s largest wealth manager due to its acquisition of Merrill Lynch.

In the end, after an exhausting ten week search, Bank of America picked an insider with sharp political elbows – and a wealth management background – to be the new president and chief executive of the largest bank in the US and now the world’s largest wealth manager due to its acquisition of Merrill Lynch.

What’s more, Brian Moynihan, relatively young at age 50, is an Ivy League-educated New Englander with a legal background who did not rise from the ranks of BoA’s southern-rooted retail culture, as did his predecessors, including outgoing CEO Ken Lewis.

All in all, bank industry observers say, that means a major cultural shift for the bank, including a potential shift of power away from its current Charlotte, North Carolina headquarters.

To read the full story, visit wealthbriefing.com

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