Brian Moynihan Got Extra Helpings Of Jell-O In The BofA Caf Today

For once, it was a good day to be Brian Moynihan.
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Bank of America Corp. Chief Executive Officer Brian Moynihan survived a battle to remove him as chairman, fending off critics including the biggest U.S. pension funds. A resolution allowing Moynihan to remain chairman and CEO passed with about 63 percent of the votes, the Charlotte, North Carolina-based company said Tuesday during a special meeting, citing a preliminary tally. [Bloomberg, earlier]

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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]

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He's got this. JPMorgan Chase Chief Executive Officer Jamie Dimon has the experience needed to manage the fallout from trading losses, and market disruptions haven’t been serious, Bank of America CEO Brian T. Moynihan said today. Trading didn’t freeze and markets behaved “reasonably well” given the circumstances after Dimon disclosed at least $2 billion in trading losses at JPMorgan’s chief investment office, Moynihan said today at a Manhattan investor conference. Dimon has shown he’s got the skills to handle the affair, said Moynihan, whose Charlotte, North Carolina-based bank ranks second by assets behind New York-based JPMorgan. [Bloomberg]