In Spite Of Being The Worst Job On Wall Street, BofA CEO Is Actually The Best Job In Finance

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The luckiest man on earthHere at Dealbreaker, ouropinionofBankofAmericaisprettyclear. The company is a dysfunctional mess and, despite being the biggest bank in the country, can't seem to find anyone interested in taking its top job.
Those incorrigible contrarians at Breakingviews have a different take on the Worst Job on Wall Street.

There may actually be no better job in finance than the hot-seat of BofA.

Interesting. Go on.

Regulators are hardly friendly with BofA or Ken Lewis, its outgoing chief. Its board needs an overhaul, a senior management team of big shots is already in place, and there's huge work to be done integrating its many poorly-timed acquisitions.

Right. And, now, the upside:

To cap it all, with government money still invested in the bank, the pay would be low compared to rivals....

Yes, yes. But it's gonna be the best job on Wall Street because...

A new face at the top and a revamped board could help turn around another bad situation fairly quickly: the bank's relations with regulators.

You're losing me.

Other challenges would take more time. As the board circled the wagons around Lewis, it named a succession of top executives to run the bank's business lines.

Ugh, the awful Tom Montag and Sallie Krawcheck. No wonder Bob Kelly wants nothing to do with this mess.

Then there's the tricky task of managing BofA as it regains strength while simultaneously folding in Merrill... Countrywide... and LaSalle.... In Merrill's case, for instance, the coming bonus round will be a test of BofA's ability to retain key Merrill employees--whose payouts last year were controversially guaranteed as part of the acquisition--while also satisfying its home-grown talent, who did much well last year.

I have a headache. Can we get to the good part?

Look past these admittedly daunting tasks...

Best job in finance [Breakingviews]

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