BofA Settles With the SEC, Hires Sallie K. To Head IM Unit

Kenny and the boys ran into yet another roadblock, as the SEC sued the Lewis-helmed Bank of America today, claiming the firm didn’t quite tell its shareholders the truth about the Merrill Lynch deal. In particular, the SEC said BofA misled shareholders by failing to divulge material information having to do with the more than $5 billion in bonuses set to be paid to Merrill insiders. BofA settled the charges, without admitting or denying wrongdoing, for $33 million.

Also just in: Big swinging Sallie Krawcheck, the 44-year-old former chief of Citi’s wealth management unit, has been hired as head of BofA’s global wealth and investment management business. Krawcheck, who’s expected to compete against other BofA insiders to succeed Kenny Lewis as CEO, was rumored to be considering a similar job at UBS.