BofA boss Brian Moynihan forced by board, restless shareholders to hold first investor day in 14 years: sources

Core Viewpoint - Bank of America CEO Brian Moynihan is holding his first investor day since 2011, highlighting a long-standing communication gap with investors [1][4][10] Company Performance - Bank of America (BofA) is the second-largest bank in the U.S. by assets, trailing JPMorgan Chase, but consistently lags in stock performance and major banking assignments [4][9] - The bank's cautious approach has led to missed opportunities in trading volatility, resulting in underperformance compared to peers like JPMorgan and Goldman Sachs [6][11] Leadership and Strategy - Moynihan, who has been CEO since 2010, has faced criticism for his risk-averse management style, which has not evolved significantly since the 2008 financial crisis [5][6] - Recently, Moynihan laid out a succession plan and has become more visible, responding to shareholder demands for a clearer strategy to enhance stock performance [2][10] - The new strategy, termed "responsible growth," emphasizes avoiding balance sheet risk, which has led to consistent growth in sales and trading but has also resulted in financial losses due to misreading interest rates in 2021 [11][12] Board Dynamics - BofA's board is perceived as overly supportive of Moynihan, which has delayed the establishment of a succession timetable until recently [8][10] - There are indications that the board may have influenced Moynihan to hold the investor day and announce succession plans, although a spokesperson denied this claim [8][13] Future Outlook - The investor day will feature multiple executives, including potential successors, indicating a shift towards a more proactive leadership approach [18][19] - Analysts are beginning to show optimism about BofA's future growth plans, with as many as 25 analysts currently recommending a buy on BofA stock [8][10]