The Bankwatch

Tracking the consumer evolution of financial services

Kenneth D. Lewis of Bank of America is "Banker of the year"

American Banker have picked Lewis over a close second, JPMorgan Chase’s James Dimon.

While the two accomplished significant takeovers this year, the decision centred on Lewis’s elevation of Bank of America into the ranks of ‘universal banks’ roughly defined as big, and covering all aspects of financial services. 

And the Banker of the Year Award Goes to …  |NY Times

Between Bank of America’s two crowning deals <Merrill Lynch and Countrywide Financial> and JPMorgan’s firesale purchases of Bear Stearns and Washington Mutual, the two have become by far the biggest universal banks in the country, with major presences in virtually every banking business.

The two firms have now outpaced Citigroup, the nation’s other banking giant, which has fallen behind while others, like Wells Fargo, have surged.

Aside from whether being a universal bank is a good thing or not, one thing it clear.  The banking landscape has changed dramatically during the last year, and especially during the last 3 months.

Written by Colin Henderson

October 27, 2008 at 18:36

Posted in US

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  1. […] a comment » When the American Banker “Banker of the Year” awards came out in October, I admit I was a bit leery about it, and after I realised there were several awards, I stopped […]

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