Krawcheck buys BoA stock
SALLIE KRAWCHECK bought just over $1m (£603,000) of Bank of America (BoA) stock, just over a week after becoming head of global wealth and investment management at the largest US bank, it emerged yesterday.
Krawcheck is one of five internal BoA candidates in the running to eventually replace chief executive Kenneth Lewis, according to a person familiar with the matter.
It is common for newly-hired senior executives to buy shares of a new employer, to show support and to give them a stake in the company’s performance.
Krawcheck – who was previously Citigroup chief financial officer and head of the bank’s Smith Barney brokerage – bought 63,000 shares at an average $15.97 each, according to a filing at the Securities and Exchange Commission.
BoA announced it had hired Krawcheck on 3 August.