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Bank Of America Not Glamorous

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by Felix Salmon
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Oct 18 2007 12:00am EDT

Bank of America: Not Glamorous

Bank of America CEO Ken Lewis seems to have finally woken up to the fact that he is not, and never will be, an investment banker:

Lewis said during a conference call that the company plans to scale back its investment banking unit after trading mistakes led to $717 million of losses.

If Lewis really wants to give up on investment banking – and he should, given the tiny profits and enormous headaches that it's responsible for – he should also give up on the equally-beleaguered tower he's building in midtown Manhattan. If he asked nicely, he might even be able to sell it to Si Newhouse, who's presently outgrowing the building next door. Condé Nast is a New York company to its toenails; Bank of America (the bank formerly known as Nationsbank) will always be considered more than a little bit provincial here, no matter how many shiny skyscrapers it builds.

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