Before beginning its love affair with James Gorman and Morgan Stanley, ValueAct Capital got some pleading missives itself from Bank of America shareholders. In short: Please help us hold themosthaplessmanonWallStreet’s feet to the fire a little. Alas, ValueAct’s Jeffrey Ubben has eyes for only one bank. Which means some other activist hedge fund has a golden opportunity to get BriMoy to make that face with every step.
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….
Like Morgan Stanley, Bank of America has also been making changes. CEO and Chairman Brian Moynihan, in his six years at the helm, has significantly slimmed down the company, getting rid of jobs, offices, and entire units. The bank last month announced big new cost-cutting goals, and Mr. Moynihan has acknowledged that shareholders want better returns and that they’re working on it.