Bank of America was a prettay prettay prettay good time when it was being run by Ken Lewis. The Strawberry Hill Boone's Farm flowed freely and as a result of the boozing, you could buy any company you wanted, whether it was a ticking time bomb or made any sense strategically. It didn't matter! You didn't even have to justify it to anyone because everybody, the CEO most importantly, was there to party. "Who give a crap, just have fun," the motto went. Unfortunately, now that Lewis is gone, God rest is soul, Brian Moynihan is taking a a slightly different, more sober approach to the business.
“It should not surprise anyone, it makes strategic and financial sense,” Chris Kotowski, an analyst with Oppenheimer, told DealBook. “Under McColl and Lewis, Bank of America was an acquisition machine, they bought constantly. What Brian Moynihan is all about is standing back and saying, ‘We’ve got great franchises, let’s catch our breath and rationalize the business.’”
BofA To Sell Most Of Its BlackRock Stake [Dealbook]