Insider is next Bank of America CEO

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CHARLOTTE, N.C., Dec. 17 (UPI) -- Bank of America says its head of consumer banking Brian Moynihan will become its chief executive officer to replace Kenneth Lewis on Jan. 1.

Moynihan, currently working out of Boston, said he would maintain Charlotte, N.C., as the bank's headquarters, the Charlotte Observer reported Thursday.

Lewis announced his resignation in September as the bank was swirling in controversy over its purchase of Merrill Lynch nearly a year ago. At issue is how much the bank told shareholders concerning Merrill Lynch's losses and its bonus pay plans before they voted to approve the acquisition.

Although the controversy remains to be sorted out, Moynihan's primary concerns will be maintaining profits while the recession recedes and adjusting to new bank regulations coming out of Washington, the newspaper said.

"This is the best financial services company in the world," Moynihan said after his appointment became known.

The bank, however, has hit some recent "tough patches," he said.