Journalists across the business media are reporting this week that Brian Moynihan, Chairman/CEO of Bank of America, is facing heightened scrutiny from the company’s board of directors. Charlie Gasparino at the New York Post reports:
This week, Bank of America CEO Brian Moynihan will hold his first “investor day” since 2011 – breaking 14 years of silence that nicely highlights the positively awful job he has done communicating with investors.
Insiders say that 66-year-old Moynihan, who only recently laid out a succession plan, was likely prodded to call the Wednesday powwow by his board, which is fielding shareholder demands for a clear plan to boost the bank’s stock price – and a strategy to compete against its archrival, Jamie Dimon’s JPMorgan Chase.
BofA is the US’s second-largest bank by assets, right behind JPM. But by many other metrics, it’s an also-ran. Its stock perennially lags JPM’s – and all the other big banks, for that matter. It fails to win big banking assignments that go to JPM and Goldman Sachs. Nor does it capitalize on trading volatility because it’s been so risk averse.
Just brutal. As NLPC has cited on multiple occasions, Moynihan has led the way — representing the bank — in support of a multitude of woke causes, including policies that led to America’s crime wave in recent years, and climate change aspirational folly like “Net Zero” emissions initiatives. Most recently we called attention to Bank of America’s reprehensible disclosure of customers’ credit card transaction data to the Biden Justice Department, without warrant or subpoena, to ingratiate the company with the administration following the January 6, 2021 U.S. Capitol incident.
For the company’s 2026 annual meeting, NLPC has submitted a shareholder proposal that calls for a policy to be instituted that would separate the roles of Chairman and CEO between two separate executives. It will likely serve as a referendum for investors to express their views on how Moynihan has run the company.
