Bank of America’s new Global Wealth and Investment Management president Sallie Krawcheck received an endorsement for the CEO post from one of BofA’s largest and most vocal investors, Finger Interest Number One, the New York Post reported.
Finger Interest partner Jon Finger, who has thrown his weight behind Krawcheck, believes she is the only member of the executive board that hasn’t been tainted by the slew of investigations into the bank’s acquisition of Merrill Lynch. The U.S. Securities and Exchange Commission [SEC] on Wednesday demanded a trial by jury for its claims accusing Bank of America (NYSE:BAC) of misleading shareholders over the $3.6 in bonuses to Merrill employees before the companies merged on Jan. 1.
“The current management team has presided over the misallocation of capital and massive shareholder dilution over the past year,” Finger Interest said in a filing submitted to the SEC. The investment group urged the Charlotte, NC-based bank to tap fresh blood to run it.
Krawcheck has been mentioned as a potential candidate to succeed Ken Lewis who is stepping down at the end of the year. However, BofA execs ; Chief Risk Officer George Curl and President Brian Moynihan (as reported yesterday) are the two leading internal candidates for CEO. According to The Post however, Finger partners don’t seem too thrilled with both picks. They contend that Curl presided over the Merrill merger and Moynihan lacks operational skills to run a major bank.
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