BofA may announce chairman this week: WSJ

Financial services major Bank of America's (BofA) two directors -- Frank Bramble and Charles Holliday -- have emerged as the front-runner to become chairman this week, says a media report.

"Bank of America Corp. Directors Frank Bramble and Charles Holliday are the leading contenders to become chairman this week of the largest US bank in assets," The Wall Street Journal said, citing people familiar with the situation.

Besides, another candidate could still emerge for the said designation, a decision is expected Wednesday following the bank's shareholder meeting.

Bramble, 61, is a former vice chairman of MBNA Corp, a credit-card issuer bought by BofA in 2006, while Holliday, 62, was chairman and chief executive of chemical company DuPont.

 

According to the publication, Bramble and Holliday are not expected to push for changes in the strategy of new Chief Executive Brian Moynihan.

Both support Moynihan's push to improve the bank's risk-management practices and relationship with customers, look outside the US for growth and soften the tone taken by the company in Washington, it added.

The report said BofA and Holliday declined to comment, while Bramble couldn't be reached.

US officials have been kept informed about the impending selection of a new chairman and haven't asked for control over the process, the daily noted.