Posted on 10/19/2024 1:00:07 PM PDT by DFG
On the face of it, Wall Street seems to like Bank of America CEO Brian Moynihan.
Last week, the nation’s second-biggest bank said its earnings fell less than expected, and the media portrayed it as a victory. The stock went up.
Ask analysts and investors, and there’s a vague consensus: Hey, the CEO has been there for 15 years. Let the board grant his wish: Let him run the place for five more — until he’s 70.
Inside, however, the troops are getting restless, and for plenty of reasons. Culturally, Moynihan is an odd fit for an outfit that’s based on wheeling and dealing.
He’s a lawyer by training — having joined BofA as general counsel from one of its many acquisitions, Boston-based Fleet Financial.
Indeed, the CEO brings a lawyer’s hesitancy to the job, according to sources inside the bank.
Frustrated staffers point to a plodding management style and aversion to take the right kind of risk, particularly on the trading desk to support big corporate clients and their banking deals.
This, they say, is a key reason that BofA — despite its massive balance sheet — remains an also-ran in investment banking, perennially lagging behind the likes of Goldman Sachs and JPMorgan.
It’s also why shares of BofA lag far behind JPMorgan’s and Goldman’s over the past five years in what has been a bull market for finance stocks.
“Brian likes to brag that our desk hasn’t had a loss in years,” said one BofA insider. “That’s true, but if you don’t lose a little supporting clients, you won’t get those big-money banking clients. That’s how we keep losing to Goldman and JPM.”
(Excerpt) Read more at nypost.com ...
The guy is basically a good banker.
Good!!! DEI down the drain again!!!
Remember- BOA was on the receiving end of a letter from the AG’s of 15 states in April for purposely targeting and debanking Christian groups and Conservatives. They have also been a company that will NOT hire white men, as their private memos show.
My company has BOA handle our HSA- there was a company wide video meeting with BOA’s marketers about the HSA and fitting it in with retirement plans, etc. I asked about the letter from the state AG’s at length, going into to detail with facts- they ignored my question.
State financial officers put Bank of America on notice for allegedly ‘de-banking’ conservatives
Bank of America’s Equity: Racial Discrimination, Elitism, Fraud, and Bad Business
nope- see my replies
This article is meant to drive investors towards GS and JPM and away from BAC.
If I had to invest in four banks because my life depended on it.
I wouldn’t touch Goldman Sachs at all.
I’d throw maybe 30% to 35% at JP Morgan.
The rest I’d split between Wells Fargo and Bank of America.
But my life doesn’t depend on it, so I’m looking at other options and sectors in the economy.😀
Get rid of the entire HR department too.
I thought Wells wasn't a good bet since they stopped their misconduct. Are they back to being bad guys these days and making money? I know TD is under restrictions these days.
Their stock price might be a little high right now, but I think they can ride out any economic storm and not lose much value.
I never buy or sell financial stocks on the “good bank vs bad bank” articles, about over charges, atm fees, wrong investments, etc.
Those articles are meant to scare people into moving their money around, which is a good thing and needs to happen from time to time.
As far as Toronto-Dominion, my 9 year old son likes them for some reason, but his old man doesn’t.
So we’ll make a decision after Halloween. He’s not willing to risk his costume and candy money on a banking stock at this time.😀
Given the small size of some of the bribes, they weren’t running a bank, they were running a coin operated money laundry at TD.
Lol
All that silver shorting is coming home to roost.
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