New Bank of America CEO
foresees no major changes
Bank of America's new CEO says he doesn't expect to lead a major shift in strategy at the nation's largest bank when he takes over from Ken Lewis on Jan. 1. But with loan losses continuing to mount amid double-digit unemployment rates, it remains to be seen whether investors will embrace staying the course. Bank of America's board late Wednesday named its 50-year-old consumer and small business banking chief, Brian Moynihan, as president and CEO. The promotion ended a months-long search complicated by pay restrictions imposed by government pay czar Kenneth Feinberg before the bank repaid $45 billion of federal bailout loans needed to prevent its failure over the past year. Moynihan takes over as the bank faces continued loan losses in the billions of dollars. Bridge Bancorp will pay
Bridge Bancorp, the holding company that owns Bridgehampton National Bank, announced it will pay shareholders a quarterly dividend of 23 cents a share next month. The bank, like many based on Long Island, has weathered the financial crisis so far in relatively good shape. It has assets of about $850 million and operates 15 branches in Suffolk County, mostly on the East End. The bank will celebrate its 100th anniversary next year.FDA panel nixes expanded use of OSI's Tarceva drug
Federal health advisers on Wednesday recommended against expanding approval of an OSI Pharmaceuticals lung cancer drug to patients who are already responding to chemotherapy. A spokeswoman for the Food and Drug Administration said the agency's panel of cancer experts voted 12-1 against using Tarceva as a follow-up therapy in patients who have already undergone successful chemotherapy. The drug is already approved as a treatment for patients whose cancer has spread despite chemotherapy treatment. The FDA is not required to follow the advice of its panels, though it usually does. A decision on Tarceva is expected by Jan. 18. OSI is based in Melville.Rise in dollar pushes
stocks down, Treasurys up
A rising dollar and disappointing corporate news pushed stocks lower and Treasurys higher Thursday over concerns the economy will struggle to recover. Major stock indexes slid 1 percent, including the Dow Jones industrial average, which fell 132.86 points, or 1.3 percent, to 10,308.26. The Standard & Poor's 500 index fell 13.10, or 1.2 percent, to 1,096.08, and the Nasdaq composite index fell 26.89, or 1.2 percent, to 2,180.05.
From staff and wire reports