Bank of America worried about its Future!

After the resignation of the CEO the Bank of America is worried about its future. Kenneth D. Lewis bet Bank of America Corp.’s future on America at a time when America went bust. The resignation of the CEO of Bank of America is the main issue now days in the America because Lewis, who said this week he would resign as chief executive officer at the end of the year, will leave his successor to capitalize on, or salvage, the messy acquisitions that led to his downfall. So, its main problem to find out the perfect replacement and for that the bank is doing some serious work. Bank said on yesterday that it was creating a six-member “CEO transition committee” to find a successor to Lewis. “He’s drifting out to sea like a dying Eskimo, knowing the company can do better and thrive without him,” Hendler said.

Bank of America is based in Charlotte, N.C., but its reach extends nationwide. In the Philadelphia market, it ranked as the fourth-largest bank in terms of deposits as of June 2008, the latest government data available. The bank has more than tripled in size since Lewis took over in April 2001 and became the biggest U.S. lender by assets and deposits. He spent more than $130 billion on acquisitions. The resignation announcement capped nearly a year of turmoil for Lewis, who has endured withering attacks for his handling of the Merrill deal and is entangled in several state and federal probes into whether he and other bank executives misled shareholders by allowing the payment of billions of dollars in bonuses to Merrill employees. So, it is very important to save the future of this largest bank as we know USA is already in the bad economical situation. Read more …