Bank of America forces out risk chief after bailout

Source: Reuters

Thursday, June 4, 2009; 7:12 PM

NEW YORK (Reuters) - Bank of America Corp <BAC.N> is forcing out Chief Risk Officer Amy Woods Brinkley, after a surge in credit losses led to a government bailout and an order by regulators to raise $33.9 billion of capital.

The largest U.S. bank named Gregory Curl on Thursday to replace Brinkley, 52, who it said joined the company in 1978 and has been in her current job since 2001.

Curl, 60, has also worked for the bank for 31 years, most recently as global corporate strategic development and planning executive. He will succeed Brinkley on June 30, and Brinkley will retire from the bank this summer.

Chief Executive Kenneth Lewis has accepted $45 billion of funds from the Treasury Department's Troubled Asset Relief Program, including $20 billion in a January bailout to help the Charlotte, North Carolina, bank absorb Merrill Lynch & Co.

In May, Lewis had said credit losses should take a "heavy toll" over the next few quarters, after nonperforming assets surged 41 percent in the first quarter to $25.74 billion.

"This is not a normal retirement," said Anthony Plath, a finance professor at the University of North Carolina at Charlotte. "There's something going on here that's related to loan losses and the performance of the bank."



Read more: http://www.washingtonpost.com/wp-dyn/content/article/2009/06/04/AR2009060403600.html

And dont forget to take your lovely parting gifts with you.

you can only fail upward in the Corporate world.

Who among us believes she was allowed the authority to do her job at any time over the past decade?

Sometimes you've got to go along to get along.