Investors Impatient with BofA CEO Brian Moynihan

By Jul 21, 2011, 4:33 PM Author's Blog  

FOX Business Network  Senior Correspondent Charlie Gasparino reports that “investors are growing impatient” with Bank of America (BAC) CEO Brian Moynihan but “the board of Bank of America is standing firmly behind Moynihan, at least for now.” Additionally, sources inside the company tell Gasparino “BAC has no plans to spin of Merrill Lynch.” Excerpts from the report can be found below, courtesy of Fox Business Network.

On Bank of America CEO Brian Moynihan’s future with the company:
“Senior people inside of Bank of America tell FOX Business investors are growing impatient with Brian Moynihan the CEO, but the board of Bank of America is standing firmly behind Moynihan, at least for now.”

On whether Bank of America will spin of Merrill Lynch:
“BAC has no plans to spin of Merrill Lynch. It is impossible to ‘unscramble the egg’ as a person there told me. They are so fully integrated that Merrill Lynch is going to stay.”

On when a settlement on the robo signing issue will be reached:
“They see light at the end of the tunnel on that. They think that thing is going to be settled at least by the third quarter of this year.”

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