Golden Era of Financial Services is Over

'The golden era of financial services is over, in my opinion," said Ken Lewis, Chairman and CEO of Bank of America, in an interview with Leslie Stahl of 60 Minutes broadcast October 19th (at the 4:05 min. mark, below).

He also thinks executives on Wall Street have made too much money. "I think they were overpaid. It's more egregious in financial services than any other industry I know," Lewis told Stahl with a straight face, but adding, "We need to cut back compensation in this industry."

Lewis, who has received salary, benefit and stock option and other compensation of more than $20 million a year since 2003, including $27.9 million in 2006 and (only) $24.8 million in 2007 due to Bank of America's significant write-offs, apparently doesn't think executives on N. Tryon Street (where B of A is headquartered in Charlotte, NC) "have made too much money," but only on Wall Street. (Source: Bank of America proxy statements.)

Lewis, 60, also will receive retirement benefits of at least $3.5 million a year at such time he decides, since "the golden era of financial services is over," to retire. Future Bank of America CEOs may have to "make do" with, say, $5million - $10 million a year.



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