Bank of America CEO Ken Lewis seems to have finally
woken up to the fact that he is not, and never will be, an investment banker:
Lewis said during a conference call that the company plans to scale back
its investment banking unit after trading mistakes led to $717 million of
losses.
If Lewis really wants to give
up on investment banking – and he should, given the tiny profits and
enormous headaches that it’s responsible for – he should also give up
on the equally-beleaguered
tower he’s building in midtown Manhattan. If he asked nicely, he might even
be able to sell it to Si Newhouse, who’s presently outgrowing
the building next door. Condé Nast is a New York company to its toenails;
Bank of America (the bank formerly known as Nationsbank) will always be considered
more than a little bit provincial here, no matter how many shiny skyscrapers
it builds.