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Article: Patience running out.(Bank of America's new chairman Ken Lewis)(Company Profile)
- Article from:
- The Banker
- Article date:
- March 1, 2001
- Author:
CopyrightCOPYRIGHT 2001 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Suzanne Miller reports from New York on the many challenges awaiting Bank of America's new chairman Ken Lewis
As Ken Lewis gets ready to take the reins at Bank of America (BofA), many are hoping he will have the kind of taste for restructuring that his outgoing boss Hugh McColl has had for big-ticket mergers.
Since 1998, when NationsBank assumed control of BankAmerica in a $62bn deal that created the first US interstate bank, BofA, performance figures have sagged against its peers and the big cost-cutting moves have failed to deliver the promised boon to earnings. Now bad loans are piling up and patience is running out for the nation's second biggest ...