Moynihan named as new BofA CEO

CHARLOTTE, North Carolina: Bank of America Corp, the biggest US lender, promoted Brian Moynihan to chief executive officer, opting for an insider to repair the company after the tumultuous takeover of Merrill Lynch & Co prodded Kenneth Lewis into early retirement.

Moynihan, the 50-year-old head of the consumer banking unit, takes over at year's end, the Charlotte, North Carolina- based bank said in a statement. Lewis, 62, said in September he'd step down on Dec 31.

Bank of America's new boss must stanch defaults on consumer loans tied to the recession, which led to two losses in the past four quarters. He must also integrate Merrill Lynch and smooth relations with regulators after they clashed with Lewis over the purchase. The bank paid back $45 billion to the US Troubled Asset Relief Program on Dec 9.