Bank of America just can’t quit Wachtell. According to The New York Times, partner Edward Herlihy and other lawyers at Wachtell, Lipton, Rosen & Katz are advising a subcommittee of the bank’s board tasked with choosing a new chief executive officer to succeed Kenneth Lewis, who is stepping down at the end of this year. The Times reports that the board is torn over whether to promote an internal candidate such as Greg Curl, the bank’s chief risk officer, or an outsider.
Given the intense scrutiny that both BofA and Wachtell have faced recently, and given Wachtell’s close ties to BofA’s current management, the bank’s board might want the fresh perspective of a more independent firm. But, apparently, it doesn’t.
