🚗 🚙 Turn your trusty old car into trustworthy journalism Learn more

Lewis to retire with over $50M pension

Alisa Roth Oct 1, 2009
HTML EMBED:
COPY

Lewis to retire with over $50M pension

Alisa Roth Oct 1, 2009
HTML EMBED:
COPY

TEXT OF STORY

Steve Chiotakis: It’s the latest Wall Street firm to lose its CEO to the credit crisis. Bank of America’s Kenneth Lewis announced his retirement to the board late yesterday. From New York, Marketplace’s Alisa Roth has more.


Alisa Roth: Kenneth Lewis’s decision surprised Bank of America’s board. Though he had reportedly talked to the chairman and a small group of directors about it already.

Lewis is under state and federal investigation over B of A’s acquisition of Merrill Lynch last year. Some investors say he paid too much. And that he didn’t tell them about gigantic bonuses to the bank’s execs. He had been seen as a hero for saving Merrill Lynch from exploding the way Lehman Brothers did.

Because he’s retiring, Lewis won’t get a severance package. He will get a pension, though, which is reportedly worth more than $50 million. He also gets more than $80 million in stock and other benefits. The bank hasn’t named his successor yet.

In New York, I’m Alisa Roth for Marketplace.

There’s a lot happening in the world.  Through it all, Marketplace is here for you. 

You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible. 

Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.