Rollercoaster CL

Moira Johnston, Author Houghton Mifflin Harcourt (HMH) $22.95 (417p) ISBN 978-0-89919-955-9
Once the world's largest, most profitable bank, Bank of America was laid low by feverish lending to Third World nations, addictive recycling of petrodollars, crumbling markets and tame leadership. Citibank, its chief competitor, shifted gears to push services and fees, leaving B of A in the dust. Tom Clausen, born-again banker invited back in 1986 to lead B of A's turnaround, gets his knocks from Johnston ( Takeover: The New Wall Street Warriors ), who faults his insecure management style and gives partial credit for the recovery to ousted CEO Sam Armacost. A fast-moving, captivating account and an incisive portrait of an entire industry, the book also spotlights California golden boy Chuck Schwab, who sold his discount brokerage to the bank, and Ichak Adizes, charismatic, gesticulating Yugoslavian corporate psychotherapist hired for $1 million per year to ``cure'' B of A personnel of ``premature aging.'' Photos. (Aug.)
Reviewed on: 08/01/1990
Release date: 08/01/1990
Genre: Nonfiction
Discover what to read next