• 10 Sep 2013 at 5:17 PM
  • Banks

Goldman Sachs > Bank of America

If the truth of the statement above was not already apparent to you, allow Dow Jones to clarify things.

The Goldman Sachs Group Inc. (NYSE:GS) will replace Bank of America Corp. (NYSE:BAC), Visa Inc. (NYSE:V) will replace Hewlett-Packard Co. (NYSE:HPQ), and Nike Inc. (NYSE:NKE) will replace Alcoa Inc. (NYSE:AA) in the Dow Jones Industrial Average (DJIA) after the close of trading on Friday, September 20. The changes will be effective with the opening of trading on Monday, September 23. The index changes were prompted by the low stock price of the three companies slated for removal and the Index Committee’s desire to diversify the sector and industry group representation of the Index.

But that won’t get Brian Moynihan down, because it doesn’t matter.

In a statement on Tuesday, Bank of America noted the strong performance of its stock compared with the other companies in the index. “This decision has no impact on our business or our strategy for providing solid returns to shareholders,” the company said.

Goldman Sachs, Visa & Nike Set to Join the Dow Jones Industrial Average [PR via WSJ]
Dow Index Drops Bank of America, Alcoa and H.P. [NYT]
Dow Jones index announces biggest shake-up in a decade [Reuters]

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Comments (3)

  1. Posted by Guest | September 10, 2013 at 5:44 PM

    Lapel pins, Charlotte, Spirit points, middle managers with ambiguous titles, perpetual layoffs and now this?? The inferiority complex of BofA'ers just got exacerbated.

  2. Posted by guest | September 10, 2013 at 6:35 PM

    Moynihan: "So what if Goldman has all the brains, the glory, the power, the looks, the skills, the reputation, the edge, the Dow spot, the league table domination, the talent, the newer / better building, higher profits, better clients etc. etc. We have Project New BAC."

    –Guy tired of hearing the numb-nut's chanting of "New BAC"

  3. Posted by Submit Comment | September 10, 2013 at 8:56 PM

    Crap, I accepted the wrong offer.

    -Guy who just joined the firm and is regretting it