http://66.225.205.104/JR20091217.mp3
Bank of America has promoted the current head of retail banking, Brian Moynihan, to replace retiring CEO Ken Lewis. Employees headed to work this morning seemed pleased with the board's selection and hopeful the bank's troubles are behind it. WFAE's Julie Rose reports: The biggest thing for Bank of America's 14,000 Charlotte employees is probably that fact that "the head office still here in Charlotte," says Sam Amanning, an 18-year veteran of the bank. Amanning sees the new CEO for 2010 as a new beginning after a troubled few years. Bank of America has said Moynihan - who is currently based in Boston - will move to Charlotte and the headquarters will remain here, putting an end to fears a new CEO from Wall Street might shift the bank's operations to Manhattan. The bank board's decision to promote an insider is also comforting to many BofA employees. They say Moynihan knows the banks culture, so the transition should be easier. Dan Bohen says it's a boost to morale. "I'm in Brian Moynihan's group - consumer and small business banking - so it's great that one of our own is getting promoted to the head spot," says Bohen. Moynihan has only been responsible for BofA's consumer business since August. He joined Bank of America in 2004 after it acquired his former employer, FleetBoston Financial. Since then, Moynihan has cycled through numerous prestigious jobs at Bank of America, leading many employees to suspect he was being groomed for the top job. Employees like Eliza Tse just hope the decision puts Bank of America on a path to its former glory. "Yeah, I wanna have our share price go up, as it was," says Tse. "At least $40!" Listen to comments from some BofA employees. Bank of America's stock hasn't been that high since April of 2008. Lately it's hovered around $15. In his first address to Bank of America employees as incoming CEO, Moynihan promised to stay the course for success set by retiring boss Ken Lewis. "So my specific CEO order is go home, enjoy the holidays with your family," says Moynihan, as the audience chuckled. "Get lots of rest. Cause when we come out in 2010 it's nothing that is not just execution." Moynihan got a round of applause from employees when he added that Bank of America has everything it needs to succeed, signaling a break from the ravenous rate of acquisitions that have led to many of the bank's current woes.