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Brian Moynihan's 6 Year Nightmare May Soon Be Over

He doesn't have to be afraid anymore.
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Over the course of the next month, Bank of America CEO Brian Moynihan has two big work projects that he really needs to go well. One, is the bank's second attempt to prove to the Federal Reserve that it's got risk under control; it will turn in a new capital plan September 22, after being told to get its sh*t together in March. The second is not so much a project as a referendum on BriMoy himself: shareholders will vote if he should be stripped of his chairman title, and if their feelings on the matter haven't changed since March, Moynihan may want to get a head start on printing up new business cards.

But maybe things have changed? Perhaps shareholders have started to see ole Moyners in a new light? Is it possible he's started to rub off on them after all these years?

According to Bloomberg, no, it's not possible; at this point shareholders are pretty much preparing take him for a drive, open the passenger side door, and kick him out 40 miles outside of Boston proper, maybe, maybe slowing down to 15 MPH first.

“If they fail this time, I’d call for his head,” said E.E. “Buzzy” Geduld, who owns 2.5 million Bank of America shares as head of New York-based hedge fund Cougar Capital. “At the very minimum, you split the CEO and chairman roles, and I’d like to see someone from the outside who’s smart enough and strong enough that Moynihan’s going to have to answer to.”

And in the short-term, sure, it might hurt to lose the chairman (and/or CEO) job, ego-wise, somewhere deep down inside, it'd probably be a relief. After all the abuse, and the cruel jokes, and the kicks in the pants, and the lack of respect, and the day-to-day, hand-to-hand combat, he'd finally be allowed to go home. He'd finally be safe.

BofA’s CEO Faces a Stress Test of His Own From Impatient Investors [Bloomberg]

Earlier: Bank Of America Knows You Think Brian Moynihan Sucks


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Layoffs Watch '12: Brian Moynihan Wasn't Joking About Cutting Thousands Of Employees

Would've been quite the gag but no, he was serious, in case there was a question in anyone's mind. Wall Street workers got another warning shot across the bow as the nation’s biggest banks gear up to report third-quarter results beginning today. Bank of America chief Brian Moynihan yesterday said that he planned to make good on a springtime plan to cut a whopping 30,000 workers from the sprawling Charlotte, NC-based bank’s work force. “As we continue to get through the mortgage issues at Countrywide, you’ll see the head count come down substantially,” Moynihan told Bloomberg Television. Moynihan has been struggling to put the lumbering bank on a diet and shed nonessential businesses and workers in an effort to reverse the course embarked upon by his predecessor, Ken Lewis. The former CEO hastily gobbled up mortgage giant Countrywide Financial and Merrill Lynch at the height of the financial crisis. In a plan dubbed “New BAC,” Moynihan’s pink-slip program will trim 10 percent from its work force of 275,000. [NYP]