Now that Ken Lewis has been dispensed with, the foodfight for the heart and soul of Bank of America has begun. Wrapped up in this battle is the determination of BofA's corporate headquarters. See
Clusterstock's
Bank of America's Board Starts to Crack Up Over CEO Hunt .
The primary factions in the internal battle are the old boys gang from Charlotte, North Carolina, and Boston, which had been the headquarters of Fleet Financial Group, the bank acquired by Bank of America in 2004. Both actions were Lewis cronies and deeply loyal to their boss. But with the top guy stepping out of the way, all bets are off.
snip
The Charlotte loyalists, who have been with the bank since its early days as North Carolina National Bank, are fighting against what they view as a Boston take-over of their bank. Led by Hugh McColl, Lewis's mentor and predecessor, and Meredith Spanger, the bank's largest individual shareholder, this faction has little representation on the board but exercises influence through extensive loyalty in the executive ranks.
You didn't think that BofA would just automatically stay in Charlotte, did you? The stakes couldn't be bigger for the future of Charlotte's and North Carolina's economies. Expect the politicans to jump into this fray in 3...2...1.
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