Argus joins US board
Mr Argus joins a dozen international business and public policy figures on the advisory board that has been set up to advise the bank's executives "on trends and emerging opportunities in local markets", Bank of America said in a statement.
The council will be chaired by Bank of America's chief executive officer Brian Moynihan and will hold its first meeting in Hong Kong in early March.
Mr Argus, who retired from BHP Billiton three years ago, will join France's former finance minister Thierry Breton and South Korea's Chong-Suk Choi, who heads up the Korea Investment Corporation.
Others include Germany's Jurgen Kluge, a McKinsey & Company director, and Bader Al Sa'ad, the managing director and chief executive of the Kuwait Investment Authority.
It will also include David Westin, the former president of America's ABC News.
The Bank of America Global Advisory Council will hold its inaugural annual meeting in Hong Kong in early March.
At the height of the global financial crisis, Bank of America acquired Wall Street investment banking icon Merrill Lynch for about $US50 billion, to create the world's largest financial services company. Bank of America has the most deposits of any US bank, while Merrill Lynch is the world's largest and most widely recognised brokerage.
While Bank of America last week reported strong quarterly gains across several divisions, a series of large legal settlements over its mortgage loans drained the bank's earnings, which plunged 63 per cent to $US732 million ($695 million). All told, one-off expenses wiped out $US5.9 billion from the bank's quarterly earnings.
Bank of America inherited its mortgage woes through Countrywide Financial, the subprime lending giant it also bought in the depths of the financial crisis.
Frequently Asked Questions about this Article…
Don Argus, the former chairman of BHP Billiton who retired three years earlier, was appointed to Bank of America's Global Advisory Council to join a group of international business and public policy figures advising the bank's executives.
The Bank of America Global Advisory Council is a panel of about a dozen international business and public policy leaders set up to advise the bank's executives "on trends and emerging opportunities in local markets," according to the bank's statement.
The council will be chaired by Bank of America's chief executive officer Brian Moynihan, and it will hold its inaugural annual meeting in Hong Kong in early March.
Other named members include France's former finance minister Thierry Breton; Chong-Suk Choi, who heads the Korea Investment Corporation; Jurgen Kluge, a McKinsey & Company director; Bader Al Sa'ad, managing director and CEO of the Kuwait Investment Authority; and David Westin, former president of ABC News.
The article notes Bank of America reported strong quarterly gains across several divisions but saw earnings plunge 63% to US$732 million (US$695 million) after large legal settlements over its mortgage loans. One-off expenses wiped out US$5.9 billion from the bank's quarterly earnings.
Bank of America inherited its mortgage woes through the acquisition of Countrywide Financial, the subprime lending giant it bought during the depths of the global financial crisis.
The article highlights Bank of America's acquisition of Merrill Lynch for about US$50 billion at the height of the global financial crisis, a deal that helped create what the article describes as the world's largest financial services company. It also notes Bank of America has the most deposits of any US bank and that Merrill Lynch is a widely recognised brokerage.
No — the article states the council was established to advise bank executives on local market trends and opportunities, but it does not claim the advisory council will directly change investor returns or specify any immediate effects for shareholders.
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