Last Man Standing - Bank Of America's Incoming CEO

Bank of America announced the appointment of insider Brian Moynihan Thursday. He does, however, appear to have got the job by default, given that the bank was unable to attract an outsider for the role, and the only other serious internal candidate, Chief Risk Officer Greg Curl, is said to have been vetoed by New York State Attorney General Andrew Cuomo.

And The Business Insider reports that just one year ago, Moynihan was effectively fired by Lewis, after refusing to take up a new role in Delaware running the bank's credit card operations. A day after the board was told he was leaving, however, Moynihan was made general counsel, after the firing of Timothy Mayopoulos.

Anyway, here's what's being said about Moynihan and the appointment:

'Many of you know know him because he's been in so many different jobs (Moynihan has had four in a year). Hopefully he will be in this job much longer than the last three or four'.

Ken Lewis (Bloomberg)

'He needs to redefine who they are. I think they've lost who they are...I was disappointed that the board didn't go outside and get someone with deeper talent and experience, and more risk management experience'.

Mark Williams, finance professor, Boston University (The New York Times)

'I'm glad they went with someone who knows the company, and who isn't going to restructure and shake things up right away, because Bank of America just needs some quiet time'.

Nancy Bush, independent bank analyst. NAB Research

'This is a real break with the past. It signals to the market that the Fleet Boston guys are in charge of the bank now....(But) Moynihan will be taking direction from the board, and not the other way around. And that is a big change......(Moynihan) is a tentative leader. I watched him testify in front of Congress. He didn't know who the bank's largest investor was. That scares me'.

Tony Plath, finance professor, University of North Carolina (The Wall Street Journal)

'Another unique characteristic about him (Moynihan) is that he wanted the job'.

Ken Lewis (Bloomberg)

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