Word: krawcheck
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...America said it plans to name a successor to Lewis before the end of the year. Observers say Brian Moynihan, who in August was promoted to the head of the bank's retail network, is the most likely to replace Lewis. Another possible though less likely contender is Sallie Krawcheck, who was formerly the head of Citigroup's brokerage division and joined Bank of America in August...
...million to settle Securities and Exchange Commission charges that Lewis and other executives misled the bank's investors prior to its $50 billion purchase last year of brokerage firm Merrill Lynch. In a separate development on Monday, the bank also announced that it had hired Sallie Krawcheck, a former top Citigroup executive, to run the Merrill Lynch brokerage division as part of a management shake-up. Observers say the move frees up Brian Moynihan, who had been in charge of Merrill's divisions and has long been thought to be Lewis' successor, to take on a larger role...
...Even if Lewis holds on this his job, the hiring of Krawcheck underscores the fact that Bank of America has a growing honesty issue with shareholders. Krawcheck has a reputation on Wall Street as being Ms. Clean. Fortune magazine (TIME and Fortune share the same publisher) once dubbed Krawcheck the "last honest analyst" on Wall Street...
...know when management is lying?" began a favorite saying of Sallie Krawcheck, one of the top securities-industry analysts of the 1990s. "Their lips are moving." Now Krawcheck runs Citi's wealth-management division, a bright spot in the most recent earnings report, and she's a dark-horse contender for the top job. Rubin, already known for the cryptic nature of his utterances at Treasury, seems to have taken her words to heart, letting little slip in public...
Some reflected on their own experiences in the spotlight, like basketball great Oscar Robertson on LeBron James and Quincy Jones on Juanes, the Latin pop star. Some--like Citigroup's Sallie Krawcheck, who wrote about eBay's Meg Whitman; Gloria Steinem on Winfrey; and Richard Branson on Airbus CEO Noël Forgeard--make their judgments with a cool eye, but others, like Lisa Marie Presley on Etheridge and the Rev. Billy Graham on John Stott, are surprisingly personal. Among my other favorites: Russell Simmons on Jay-Z; Desperate Housewives star Felicity Huffman on the show's creator, Marc Cherry; Bono...