March, 18, 2010

Bank of America CEO Brian Moynihan conceded Wednesday that the company made a series of missteps during the credit crisis and recession that hurt its relationship with shareholders and customers."Before and during the recent crisis, many of our collective business judgments missed the mark," Moynihan said in an annual letter to shareholders that was posted on the company's Web site.The bank is making changes, he adds, that will put it in a better position to avoid such missteps in the future.

Those changes include improving customer relationships and the bank's compensation structure.Moynihan succeeded Ken Lewis as CEO of the Charlotte, N.C.-based bank on Jan. 1. Lewis stepped down after almost a year of strife that followed the bank's purchase of Merrill Lynch & Co.Bank of America Corp., one of the banks hardest hit by the credit crisis and recession, received $25 billion from the government's Troubled Asset Relief Program in late 2008.

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