Bank of America’s CEO Kenneth Lewis told the Financial Times the $20 billion in funds he requested in January was a "tactical mistake" that made the company seem as weak as Citigroup. He said the bank should have requested just $10 billion.
He also said he would continue to helm the North Carolina-based bank until it paid back the $45 billion in government TARP funds it has accessed, which is likely to take another two to three years. It is the first time he signaled he might leave the company, the newspaper reported. [Huffington Post]
Lewis earned $9.96 million in salary, stocks and options in 2008, according to a federal filing. It was a 60% drop in compensation from 2007, when the 61-year-old earned $24.8 million.
Not bad income for Lewis in the midst of a recession. Be sure to hug your B of A banker when you next go in. I don’t think any of them were paid that much in 2008.
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