Brian Moynihan's 6 Year Nightmare May Soon Be Over
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
