Three more directors resigned from Bank of America in the last week. Bank of America by now has replaced more than half of the 19-person board when compared to March. It now has 13 members, including four new directors with banking or regulatory experience, including former Federal Reserve Governor Susan Bies.
John T. Collins, William Barnet III and Gary L. Countryman are the three board directors resigned. The bank reported that the board members resignations were not because of any disagreement with the company or its management. The bank was not an elaborated explanation of why the directors were resigning. None of the three who resigned could be reached for any kind of information.
Bank of America has taken $45 billion of federal bailout money, which includes $20 billion to help absorb Merrill Lynch & Co, the investment bank it acquired on Jan.1 reported a second-quarter profit of $2.4 billion earlier this month.
The bank was under criticism in past few days for paying out $3.3 billion in bonuses for 2008, with 172 employees receiving at least $1 million and the top four recipients receiving a combined $64 million. Merrill Lynch paid out $3.6 billion, including a combined $121 million to four top employees.
The company was one of nine big banks that received bailout money and then paid big bonuses that were identified in a report by New York State Attorney General Andrew Cuomo.
John T. Collins, William Barnet III and Gary L. Countryman are the three board directors resigned. The bank reported that the board members resignations were not because of any disagreement with the company or its management. The bank was not an elaborated explanation of why the directors were resigning. None of the three who resigned could be reached for any kind of information.
Bank of America has taken $45 billion of federal bailout money, which includes $20 billion to help absorb Merrill Lynch & Co, the investment bank it acquired on Jan.1 reported a second-quarter profit of $2.4 billion earlier this month.
The bank was under criticism in past few days for paying out $3.3 billion in bonuses for 2008, with 172 employees receiving at least $1 million and the top four recipients receiving a combined $64 million. Merrill Lynch paid out $3.6 billion, including a combined $121 million to four top employees.
The company was one of nine big banks that received bailout money and then paid big bonuses that were identified in a report by New York State Attorney General Andrew Cuomo.
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