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Saturday, December 19, 2009

Bank of America finally gets its new CEO

Bank of America, one of the biggest banks of the nation is to be lead by a motivated and a challenging leader. Ken Lewis who announced on September that he will retire by the end of the year will be succeeded by Brian Moynihan. Brian will take the office of CEO by the very end of the year. Several analysts have reported Brian to be a good and able leader.

As a CEO of the Banks of America Corporation he will engage in a couple of highly regardful task. Like the maintaining of good relations with the regulators, overcoming confusions with the congress and controlling the investigations related to the acquiring of Merrill Lynch. And to promote deal and trust with other center’s of power.

The main priority of the bank is to rebuild relationship with the customers as they had an economic hardship. BOA has lost more than $2.2 billion in the third quarter as a bad debt since many customers had gone job less and were not able to pay the dues. The Bank has also reached a settlement with Securities and Exchange Commission regarding the acquisition of Merrill where it had to pay an aid of $5.8 billion.

Brian also wants to boost the morale of the bank after it was severely shaken during the recession hit period in 2007. He also said to pay back $45 bill in government loans, which was major step to regain employee and shareholders confidence. He is to undertake one of the toughest jobs of his career.

Bank of America gives an opportunity to fulfill ones financial dreams. And moreover transform communities to their desirable places to live and raise their families. The bank has been a close part and shared option to millions of its customers and business firms. It has always provided its members the best special business loans, mortgages and financial opportunities to help realize their dreams. It has been a key source of generation to all individuals and companies in their financial structure.

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