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Legal News: Law Blog - WSJ.com
Brian Moynihan: From Edwards & Angell to the Top of BofA
By Ashby Jones
The big news on Wall Street this morning: After a lengthy search, Bank of America promoted Brian T. Moynihan to president and chief executive. In so choosing, BofA went with a trusted insider rather than someone from outside, like Bank of New York Mellon’s chief Robert Kelly. Click here for the news, from the WSJ.
And why do we mention Mr. Moynihan? Longtime LB readers might remember that over two years ago, former LB writer Peter Lattman devoted an entire post to Moynihan, who at the time had just been elevated to head BofA’s investment bank.
Brian Moynihan is a lawyer! As our loyal Law Blog readers know, sometimes - okay, lots of times - we like to spotlight a non-practicing JD in the news. And today, that someone is Mr. Moynihan, who with that thick head of hair and winning grin sure looks like a Wall Street established chieftain in the making.
Moynihan joined B of A in 2004, following the bank's merger with FleetBoston Financial. He had a bunch of big banking jobs at Fleet - indeed, in 2004 the bank paid him more than $11 million in salary, bonus, and stock. But he joined the company in 1993 as deputy general counsel after a stint [in the Providence office] of Edwards Angell. The 48-year-old Moynihan earned his undergraduate degree from Brown and his law degree from Notre Dame.
Now, Moynihan has to tackle an even thornier job: shoring up morale that was undermined by the financial crisis and controversy over the company’s takeover of Merrill Lynch & Co.
But at least the bank has someone installed. It’s good that they have got somebody, period,” Nancy Bush, an analyst with NAB Research LLC in Annandale, N.J., told the Journal. “It will not be a particular surprise to the market, and there will be divided opinions. From my perspective, go with who you know and heal that company.”
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