BofA Settles With the SEC, Hires Sallie K. To Head IM Unit

Published: Aug 03, 2009

Kenny and the boys ran into yet another roadblock, as the SEC sued the Lewis-helmed Bank of America today, claiming the firm didn&#8217;t quite tell its shareholders the truth about the Merrill Lynch deal. In particular, the SEC said BofA misled shareholders by&nbsp;failing to divulge material information having to do with the more than $5 billion in bonuses set to be paid to Merrill insiders. BofA settled the charges, without admitting or denying wrongdoing, for $33 million. <p>Also just in: Big swinging Sallie Krawcheck, the 44-year-old former&nbsp;chief of Citi&#8217;s wealth management unit, has been hired as head of BofA&#8217;s global wealth and investment management business. Krawcheck, who&#8217;s expected to compete against other BofA insiders to succeed Kenny Lewis as CEO, was rumored to be considering a similar job at UBS. </p>

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