Bank of America’s Next CEO May Be Based in New York City

November 3, 2009 by · Leave a Comment
Filed under: Industry News 

This is good news that they are looking to have their banking operations headed from NYC where many still see it as the financial center of the world.  Charlotte is suitable for handling overall operations but with trading and other financial product units becoming a larger portion of major banks revenue streams, it is very logical to have them handle these operations from a major point of contact with other players.

The board, led by Chairman Walter Massey, is also concerned there may not be a deep enough pool of qualified candidates willing to move to Charlotte, 330 miles south of Washington, the people said, speaking anonymously because the search is private. CEO Kenneth Lewis, who is stepping down at year’s end, has said Charlotte will remain headquarters as long as he’s in charge.

“It does reflect well on the board that they’re not going to let the headquarters location limit their selection in terms of CEOs,” said Thomas Brown, CEO of New York-based hedge fund Second Curve Capital. “There aren’t too many people around the world who think that Charlotte is a major financial center.”

Five board members with ties to Charlotte have stepped down during the past two years, and none of their replacements lives in the city, the state’s largest. New directors live in Alabama, Delaware, New York, Ohio, Texas and Virginia. Lewis, 62, is the only North Carolina resident.

Source: Bloomberg

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