Bank of America CEO Ken Lewis to retire

NEW YORK (CNNMoney.com) -- Ken Lewis, the beleaguered CEO of Bank of America, announced Wednesday that he will retire at year's end. There was no successor named. Lewis, who was stripped of his chairman title in April, will also step down from the board. "Bank of America is well positioned to meet the continuing challenges of the economy and markets," said Lewis, 62. "I am particularly heartened by the results that are emerging from the decisions and initiatives of the difficult past year-and-a-half. The Merrill Lynch and Countrywide integrations are on track and returning value already.

Bank of America CEO Ken Lewis to retire

Sadly, the article makes out that his retirement is based solely on the merger last year. No mention of, you know, screwing over millions of Americans and misusing TARP funds for god knows what. The article also neglects to include his severance package and pension, most likely a good idea on their part given as it will be in the millions and that's the last thing people need to be seeing: Bankers getting their golden parachutes for destroying the lives of millions.

reply to post by D.E.M.


You may be interested to know that Jamie Dimon of JP Morgan is planning to leave as well.

Although, I have been following the Washington Mutual story and that may be why.