Bank of America: End of the Lewis Era

When Ken Lewis took the helm of Bank of America (BAC) in early 2001, the Mississippi native quickly made clear that he would change the culture from the one that prevailed under his predecessor, Hugh McColl Jr. While McColl had proved to be the consummate dealmaker—transforming a sleepy North Carolina bank into the nation's second largest at the time—Lewis felt he was inheriting a bank that had become too addicted to mergers for its growth, and had largely failed to deliver on the potential from all those deals.

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