TORONTO -- Analyst Meredith Whitney says Bank of America should keep CEO Ken Lewis despite what she calls the mistake of buying Merrill Lynch.
Whitney says Lewis has done a great job stewarding the bank as a low-cost operation but says he made one major mistake. She says he's a good bank manager but acted more like a good citizen than a good steward of shareholder capital when he bought Merrill.
But she says that doesn't mean he can't run Bank of America effectively. She says if others were to run the company, it would be seen as too disruptive internally.
© 2009 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.
|
