Bank of America CEO defends taking on chairman’s title

— Bank of America CEO Brian Moynihan on Friday defended the Charlotte bank’s decision earlier this year to give him the chairman’s title, saying the lender was motivated by a desire to have the best board leadership.

“The board’s view is that to become more of a normal company, like our peers, it was the right thing to do,” Moynihan said in a wide-ranging, half-hour interview with the Charlotte Observer.

The bank announced in October that Moynihan would be the bank’s first chief executive to hold the chairman post since Ken Lewis was stripped of the title five years ago. Bank of America split the roles after shareholders in 2009 voted to separate them in the fallout from the bank’s handling of its Merrill Lynch purchase.

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