BofA CEO Candidates Suggest Breakup

At least two candidates for role of Chief Executive Officer at Bank of America have reportedly suggested to board members that the banking giant should consider a breakup, according to The Wall Street Journal. So far the board has rejected the suggestions, one of which came from Michael O'Neill, a Citigroup director and former CEO of Bank of Hawaii. Mr. O’Neill also voiced concerns over the company’s use of risk-adjusted capital, as well as the size, complexity, and volatility of BofA. Both sides are said to have acknowledged that Mr. O’Neill was not a good fit for the position.

Other suggestions made to the board include shedding certain operations and reanalyzing its business model given the tighter regulatory scrutiny on U.S. banks from regulators. The board hopes to find someone to replace current CEO Kenneth Lewis when he steps down at the end of the year.

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