BofA's (BAC) Moynihan Said to Block Broker Pay Cut
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Bank of America (NYSE: BAC) CEO Brian Moynihan is said to have blocked a proposal to cut brokers' pay, according to headlines out late Wednesday.
The proposal was made by the Board to offset the costs of bonuses. Under the proposal, a sweeping two percentage point cut would have been implemented.
BofA shares have been trading at annual highs recently, getting a little boost earlier in the week as Meredith Whitney upgraded the stock. Financials have been on the rise as sentiment that lawmakers will reach an agreement on the impending fiscal cliff is improving.
No official word has come from BofA on the matter. BofA shares are relatively flat in the after hours session.
The proposal was made by the Board to offset the costs of bonuses. Under the proposal, a sweeping two percentage point cut would have been implemented.
BofA shares have been trading at annual highs recently, getting a little boost earlier in the week as Meredith Whitney upgraded the stock. Financials have been on the rise as sentiment that lawmakers will reach an agreement on the impending fiscal cliff is improving.
No official word has come from BofA on the matter. BofA shares are relatively flat in the after hours session.
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