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Changing courses
Article 1

Changing Course

Changing Course
KEN LEWIS, the boss of Bank of America (BofA), famously said he had had as much fun as he could stand in investment banking in the autumn of 2007. How on earth must he feel now Mr Lewis’s decision to buy Merrill Lynch in September has cost him his reputation, his independence and, on April 29th, one of his many titles. At the bank’s annual general meeting shareholders re-elected Mr Lewis to the board, but voted to split the role of chairman and chief executive. Walter Massey, a board veteran, replaced him as chairman. Mr Lewis can count himself lucky. True, there was strong logic in buying Merrill Lynch, with its coveted retail brokerage, and Countrywide, a sickly mortgage lender, before that. True too, that the government resisted his belated attempts to get out of the Merrill deal in December, as losses at the bank rapidly worsened.
Ken Lewis
회장 교체.
BoA는 2009.1.1 메릴린치를 인수
인수된 뒤 발표된 Merrill Lynch의 1분기 손실이 예상보다 훨씬 큰150억달러에 달할 것으로 드러남

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