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Reuters: Bank of America CEO Under Pressure to Boost Returns
Summary generated with AI, editor-reviewed
Heartspace News Desk
•Source: Reuters
Photo by Tareq Ismail on Unsplash
TL;DR
TL;DR: Bank of America CEO Brian Moynihan is being urged to enhance returns and tackle performance shortfalls compared to competitors before the upcoming investor meeting. The bank's investment banking revenue lags behind JPMorgan and Goldman Sachs, while overall loan growth, wealth management, and credit card performance have also been weaker than industry peers according to Wells Fargo analyst Mike Mayo.
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Key takeaways
- Ahead of Bank of America's November 5th investor meeting, CEO Brian Moynihan faces increasing pressure to improve returns and address performance gaps relative to its competitors
- Shareholders and analysts are advocating for a more opportunistic growth strategy, particularly in dealmaking and wealth management, to better rival JPMorgan Chase
- Bank of America's investment bank currently trails JPMorgan and Goldman Sachs in dealmaking revenue
Ahead of Bank of America's November 5th investor meeting, CEO Brian Moynihan faces increasing pressure to improve returns and address performance gaps relative to its competitors. Shareholders and analysts are advocating for a more opportunistic growth strategy, particularly in dealmaking and wealth management, to better rival JPMorgan Chase.
Bank of America's investment bank currently trails JPMorgan and Goldman Sachs in dealmaking revenue. Wells Fargo banking analyst Mike Mayo notes that Bank of America has underperformed the industry in loan growth over the past 15 years, and has also lagged in key areas such as wealth management, investment banking, and credit cards.
Related Topics
Bank of AmericaBrian MoynihanJPMorgan Chaseinvestment bankingwealth managementfinancial performance
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