No doubt about it, the end of the Ken Lewis era has begun. The timing of the announcement of a new management team--coinciding with the news about the settlement of charges it lied to shareholders--was no accident.

The big news here is that Sallie Krawcheck has joined the bank as head of the large, strategically important wealth management unit. She left Citigroup after feuding with CEO Vikram Pandit; she wanted to compensate some holders of ARSs that went bad, while he opposed the move reportedly. She may outlive him in the industry yet. 

In addition to Krawcheck, notes CNNmoney, Bank of America promoted Brian Moynihan to head of Consumer Banking and Tom Montag to Global Corporate and Investment Banking head. David Darnell, head of Global Commercial Banking, was added to the executive team. Liam McGee, chief of consumer and small business, left. One of these people are in line to succeed Lewis. 

For more:
- here's the article

Related Articles:
Bank of America settles bonus charges
A win for Bank of America's IR folks
No quick TARP payback for Bank of America
One-time gains boost Bank of America and Citi
The MOU governing Bank of America