Bank of America's Atrocious Choice for Chief Risk Officer

The good news: Bank of America (BAC) has ousted its chief risk officer. The bad news: Bank of America has replaced her with Greg Curl, who oversaw the acquisition not only of Merrill Lynch but also of Countrywide, which was run fraudulently (according to the SEC) by Angelo Mozilo. Some risk management there.

Curl is a dealmaker, not a risk-management professional; he’s also far too close to senior management, and far too invested in prior strategic decisions, to effectively serve in his new role. The choice of Curl is an atrocious one, and I hope that BofA’s regulators are making their displeasure known in no uncertain terms.

Comments

[Alan Young:]

Meet the new boss, same as the old boss.
— Pete Townshend, "We Won't Be Fooled Again"

Jun 05 05:56 PM

[User 283977:]

What's interesting is that Curl, the guy that made the deals that Brinkley took the heat for ends up as her replacement. So the message is we use Brinkley as a sacrificial goat, and after that, its business as usual.

Indeed "Meet the new boss, same as the old boss".

Jun 06 12:23 PM

[Buckoux:]

It isn't what you know, but what you know about who you know.

Jun 06 01:10 PM

[HATEFEEBAY:]

BAC stock will still hit $15 by July EASILY!

Jun 06 01:14 PM

[Emerald:]

B of A is still trying to engineer the financial supermarket model that has failed for so many others over the last thirty years. If you can't even get the strategy right, you won't succeed. Fire the CEO and the entire board. Start from scratch and sell Merrill Lynch as soon as the market recovers. Just as Citigroup learned with Smith Barney, you won't be able to cross-sell anything with internally divergent cutures. Remember Shearson American Express and Sears Dean Witter?

Jun 06 03:25 PM

[notsosmart:]

folks cmon-its musical chairs for all the scoundrels.they cover for each other & the sec is useless.thats the gamefrom day 1 until infinity.in fact if you owe taxes thats a plus on your resume

Jun 06 03:32 PM

[little rascal:]

Amen on the bad choice for the risk management officer. What is really in "Big Deal" Lewis's mind?

Jun 06 10:34 PM