August 3, 2009

Amid turmoil at BofA, potential Lewis successor leaves

In a dramatic management shake-up, Bank of America announced Monday that consumer banking head Liam McGee, once seen as a potential successor to chief executive Ken Lewis, is leaving the company after 20 years. The moves come as the bank faces pressure to establish a succession plan for Lewis, 62, who's come under fire for his handling of the bank's Merrill Lynch acquisition and as the bank said it reached a $33 million settlement with the Securities and Exchange Commission over charges stemming from that deal.

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