Word: banking
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...Reserve for a $40 billion bridge loan to tide it over. On Monday the firm initially got a special dispensation from the governor of New York, the state that regulates it, to tap $20 billion in capital from its subsidiaries. Then it paid a visit to the Federal Reserve Bank of New York, where President Tim Geithner turned down its loan request but, according to the Wall Street Journal, asked Goldman Sachs and Lehman Bros. to organize a $70-billion to $75-billion rescue loan. There's no word yet on whether they'll actually do it, which means...
...week is sure to be volatile, even as our captains of industry try their best to keep the faith. The CEOs of Bank of America and Merrill Lynch held a joint press conference to discuss in upbeat tones B of A's planned takeover of Merrill, while Treasury Secretary Hank Paulson held a press conference to tell Americans they should remain confident in the "soundness and resilience in the American financial system...
Before he became the President, CEO and Chairman of Bank of America Corp. - and the man whose $50 billion purchase of brokerage firm Merrill Lynch & Co. was some of the only good news on one of Wall Street's worst-ever days - Kenneth Lewis was a Mississippi boy who lived in a town so small he once joked that you had to go one town over "just to be born." He went to Georgia State University and then to work at North Carolina National Bank (NCNB) in Charlotte as a credit analyst - his first banking job. That was back...
Lewis worked hard and advanced quickly at NCNB. In 1985, when the bank's CEO Hugh McColl, asked him to move to Florida to run a string of branches, he reported to his new job in less than 24 hours. Through a series of purchases made by McColl, NCNB turned into NationsBank, which turned into Bank of America, which in time grew to become the nation's biggest retail bank, home loan provider and credit card issuer...
...Bank of America expanded, Lewis continued up the corporate ladder, and when his mentor retired 2001, Lewis stepped into the CEO spot. He immediately cut 10,000 jobs and outsourced many others to India. In 2003, he spent $47 billion on his first major acquisition, FleetBoston Financial Corp., which gave North Carolina-based Bank of America a foothold in the northeast market. A series of other purchases - Chicago's LaSalle Bank, Charles Schwab's private banking program - earned him a reputation as a man with a penchant for savvy multi-billion dollar deals. This January, he bought Countrywide Financial Corp...