In an SEC deposition, former CEO Ken Lewis said that soon after the company acquired Merrill Lynch in December 2008, they mulled firing Moynihan, whose position had become redundant with the arrival of Merrill’s John Thain and Greg Fleming. “We thought we did not have a place for Brian,” Lewis said. “And so, he was being displaced.” Last minute, though, they decided to keep him, and now he’s running the joint, which no doubt feels pretty good. [Deal Journal/WSJ]
