Krawcheck buys BoA stock

City A.M. Reporter
SALLIE KRAWCHECK bought just over $1m (&pound;603,000) of Bank of America (BoA) stock, just over a week after becoming head of global wealth and investment management at the largest US bank, it emerged yesterday.<br /><br />Krawcheck is one of five internal BoA candidates in the running to eventually replace chief executive Kenneth Lewis, according to a person familiar with the matter.<br /><br />It is common for newly-hired senior executives to buy shares of a new employer, to show support and to give them a stake in the company&rsquo;s performance.<br /><br />Krawcheck &ndash; who was previously Citigroup chief financial officer and head of the bank&rsquo;s Smith Barney brokerage &ndash; bought 63,000 shares at an average $15.97 each, according to a filing at the Securities and Exchange Commission.<br /><br />BoA announced it had hired Krawcheck on 3 August.