It’s not the job for everybody, but Wellesley lawyer-by-training Brian Moynihan has been named the new CEO of Bank of America. Moynihan has overseen various parts of Bank of America including consumer and small business banking since joining the company in 2004 when it bought out FleetBoston Financial. The 50-year-old’s election as CEO has been praised by some, who say he will work well with the government, and railed against by others, who consider him too much of an insider to change the way the bank operates. The way Bank of America went about its Merrill Lynch buyout didn’t sit well with some company watchers. One lingering question is whether Moynihan will actually remain in Wellesley, since the bank is headquartered in Charlotte. If he and his family do depart, one nice parting gift would be to save the branch at 15 Central St. in Wellesley from extinction.
One Comment
I like other am completely against Moynihan’s election as CEO. In my opinion a huge part of the crisis that we find ourselves in can be put down to the bonus culture that the heads of the banks find themselves in. Is Moynihan going to get a huge bonus next christmas if the bank performs well or not? You bet he is.