Kenneth D. Lewis
Chief Executive Officer, President
Lewis earned respect in the early 1990s spearheading the Model Bank initiative, which consolidated “competing” branch banking applications into one platform. A quiet, methodical leader, he took over the reins in 2001 and seemed to eschew acquisitions to focus on customer service. Then came the announcement in 2003 that the company would spend $47 billion to buy FleetBoston, for its New England presence.
INSIDERS
Marc Oken
Chief Financial Officer
Oken oversees the merger with Fleet, with his hand in everything from the conversion of signs to deciding which business units are to be moved or shut down and how many employees will be laid off. Must reduce annual expenses by $1.3 billion. Early attempts to move business units and cut branch employees raised ire of Massachusetts officials.
Barbara J. Desoer
Chief Technology, Service and Fulfillment Executive
Desoer is in charge of making sure the integration of technology goes smoothly. Topping her list: completing the conversion of Fleet systems onto the Model Bank platform in mid-2005.
Tim Arnoult
Global Treasury Services Executive
When Arnoult was CIO, the bank set up a subsidiary in India called Continuum to cut software development and maintenance costs. Now he oversees unit that moves funds around the world.
Liam McGee
President, Consumer Banking
McGee needs to make sure FleetBoston customers feel at home. He is responsible for retail sales and services at 5,800 banking centers–including from Fleet. On his list: keeping bank statements that show customers’ deposits, loans and stock holdings, all at once.
Alison Rourke
Senior Vice President, Retail Distribution
Helps roll out new consumer technology and services, such as Internet kiosks, lock boxes with biometric access pads, and media screens in Fleet branches.
OUTSIDERS
Tim Cahill
Treasurer
Commonwealth of Massachusetts
He threatened to pull $120 million in state business unless Lewis makes good on job commitments. The bank had promised to keep six divisions in Boston and said Massachusetts bank tellers would escape the company’s 12,500 planned job cuts. Then, the bank cut about 700 jobs in the state.
William Foley
Chief Executive
Fidelity National Financial & Fidelity Information Services
Under Foley’s guidance, Fidelity Information Services has become a powerhouse in banking computer systems. In 2003 Fidelity purchased Alltel Information Services, which supplies many of Bank of America’s core banking systems, including the heart of its Model Bank platform.
Steve Romaine
Consultant,
Robert Frances Group
Romaine was responsible for managing relationships with outside consultants, such as Andersen Consulting, that worked on new computer systems for NationsBank, which later took over Bank of America. Romaine says consultants were often allowed to work in their own best interests, not the bank’s.
Steve Schuckenbrock
EVP, Global Sales EDS
He shepherded an expanded contract with Bank of America that will see EDS build and manage the voice and data network for the combined Bank of America/FleetBoston. The $1.1 billion deal is in addition to a $4.5 billion, 10-year network outsourcing deal signed in early 2003.
