Bank of America Shareholders Want An Activist Investor To Pull A Dan Loeb On BofA

The real Dan Loeb or an imitation will be fine.
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Brian Moynihan/Getty Images

Brian Moynihan/Getty Images

When ValueAct took a stake in Morgan Stanley, that got Bank of America shareholders thinking-- maybe we could find ourselves someone to light a match under *our* bank's ass?

Activist investor ValueAct Capital Management LP took Wall Street by surprise when it disclosed Monday that it had bought a stake in Morgan Stanley, flouting conventional wisdom that activists don’t engage in banking because there are too many regulations to make a big difference in a company’s strategy. But the Morgan Stanley stake, worth about $1.15 billion Tuesday, prompted a flurry of discussions about who might be next. Some Bank of America investors, frustrated by years of low returns, had reached out to activist investors, ValueAct included, to gauge their interest in getting into BofA, according to people familiar with the matter. Some of these activists saw Bank of America as a possible investment, one of the people noted, but the bank’s size makes it hard to accumulate a stake big enough to wield any influence.

Is Bank of America the Next Activist Target? [MoneyBeat]

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