October 01, 2009

Ken Lewis to step down as CEO at year’s end

It was all over the tickers this morning, Ken Lewis announced his decision to step down as CEO of Bank of America at the end of this year.  Surprise to some, others saw it coming.  I would like to use this story in context with our blog post of yesterday (More lovely stories about banks) to illustrate that correlation is not causation.  A debtor’s revolt by a disillusioned consumer who took his battle with Bank of America to the Internet certainly caused some public outrage.  It may have been one of the many factors that tainted an already dismal image of one of the leading financial institutions. But it was not the cause of Mr. Lewis departure. However, one cannot help notice the timing of these two somewhat related events.  Is it a sign of more power to the people or just wishful thinking?

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