As we've discussed at length, the last five and half years, i.e. since he became CEO of Bank of America, have essentially been one long kick in the balls for Brian Moynihan. In addition to the daily stresses of running the bank, the list of people he's received no respect from during his tenure includes but is not limited to:
- His peers on Wall Street (Sayeth Steve Schwarzman at a charity gala/unofficial roast of Bri-Moy: "Brian Moynihan is here tonight. He’s the C.E.O. of Bank of America. As many of you know, Brian’s brother Patrick runs a Catholic boarding school in Haiti. Their parents must be so proud to see two of their boys running an underfunded, nonprofit organization.)
- His predecessor at BofA (Ken Lewis, paraphrasing: "What kinda idiot would take this thankless job? Ladies and gentlemen, I give you Brian Moynihan."
- Analysts covering his company (Mike Mayo, asking Moynihan to justify BofA's existence in its current form, and giving him a "Marcia, Marcia, Marcia!" complex vis a vis Jamie Dimon: "Can management optimize a franchise this large and complex? It’s not clear...maybe the conversation should have been focused on Bank of America [breaking up] all along...J.P. Morgan did perform well through the crisis while Bank of America didn’t.")
- The Federal Reserve ("certain weaknesses")
- People who own BofA stock (Said PWOBOAS, paraphrasing "You think this guy can handle being chairman and CEO at the same time? This guy can barely handle dressing himself")
- His IT guys (www.brianmoynihan.sucks, BrianMoynihanBlows.com, BrianMoynihanSucks.com, BrianTMoynihanBlows.com, and BrianTMoynihanSucks.com)
So while it might not come as a huge deal to, say, Lloyd or Jamie, this news was surely enough to put a little to a lotta spring in Moynihan's step today:
Bank of America Corp. shareholders re-elected all directors Wednesday, according to preliminary tallies from the bank’s annual meeting in its headquarters city of Charlotte, N.C. In addition, Chief Executive and Chairman Brian Moynihan’s pay was approved by 94% of shareholders.
Sure, it was the same approval rating as last year but 1) at least it didn't go down and 2) every little bit of encouragement helps.
Related: Brian Moynihan Would Appreciate You Cutting Him Some Slack; Brian Moynihan Is Having A Tough Time; Jesus Has A Bone To Pick With Brian Moynihan; Bank Of America Knows You Think Brian Moynihan Sucks; You Gotta Get Up Pretty Early In The Morning To Buy www.brianmoynihan.sucks Before Bank of America Does; Bonus Watch ’14: Bank of America CEOs (Make Less Than Their Underlings); You’ll Have To Excuse Brian Moynihan If He Feels The Urge To Jerk The Wheel Into A God Damn Bridge Abutment Every Time He Drives Down The Road