Support for CEO Moynihan Wanes at BofA (BAC)
Tweet
Share
E-mail
Get Alerts BAC Hot Sheet
Price: $59.67 +0.71%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 2.1%
Revenue Growth %: +15.7%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 2.1%
Revenue Growth %: +15.7%
Join SI Premium – FREE
Bank of America (NYSE: BAC) CEO Brian Moynihan has been facing much skepticism around the market and within the company's board of directors.
While a few members may feel that Mr. Moynihan is unable to perform his obligation at the bank, a majority of the board still believes that he's got it in him. Some of his main supporters include Charles Gifford and other members who have close ties with Fleet Financial.
Fox Business Network notes that it's hard for a CEO to retain his position for a long time if they do not have the support of the entire board.
The company has recently made changes in its management with the termination of two employees. BAC called the move a way to "streamline" operations. The bank is also expected to announce the departure of 40,000 employees in the coming days.
Fox Business reports that Tom Montag, a long time executive at the company, is next to succeed Mr. Moynihan in his position.
Shares of BAC are currently trading down $0.18 or 2.5 percent to $7.02. Shares are down roughly 48 percent year-over-year.
While a few members may feel that Mr. Moynihan is unable to perform his obligation at the bank, a majority of the board still believes that he's got it in him. Some of his main supporters include Charles Gifford and other members who have close ties with Fleet Financial.
Fox Business Network notes that it's hard for a CEO to retain his position for a long time if they do not have the support of the entire board.
The company has recently made changes in its management with the termination of two employees. BAC called the move a way to "streamline" operations. The bank is also expected to announce the departure of 40,000 employees in the coming days.
Fox Business reports that Tom Montag, a long time executive at the company, is next to succeed Mr. Moynihan in his position.
Shares of BAC are currently trading down $0.18 or 2.5 percent to $7.02. Shares are down roughly 48 percent year-over-year.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Bank of America (BAC) call put ratio 1 call to 1.1 puts into quarter results
- Holtec Nuclear Corporation files for initial public offering
- Bank of America lifts tobacco estimates after regulatory wins
Create E-mail Alert Related Categories
Insiders' Blog, Management Changes, RumorsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
