Is it time to love Bank of America?

Bank of America held their annual meeting yesterday, and according to many sources — including the Charlotte Business Journal’s Adam O’Daniel, who has a great account of this story — there was a Brian Moynihan super-fan in the house:

You are the finest CEO in America and the hope for America, Mr. Moynihan.”

“Up the stock to a million and I’ll marry you in the morning!

According to O’Daniel, Peggy McMahon has 22,000 shares of BofA stock, which is currently trading at just under $15 per share. Bank of America will need to make a lot of gains for McMahon to see her million. But Bank of America has put a lot of work into turning the company around, as Bank Director Editor Jack Milligan details here, and is poised for a “return to mediocrity”:

Meanwhile, JPMorgan Chase & Co. CEO Jamie Dimon told the audience at Euromoney Saudi Arabia conference in Riyadh that he sees unregulated, non-bank companies like Google and Facebook as potential competition, echoing the thoughts of 58 percent of bankers at Bank Director’s Growth Conference that said they were ‘very concerned’ about non-bank competition entering financial services.



Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s