CHARLOTTE, N.C. As protestors chanted outside, Bank of America CEO Brian Moynihan faced tough questions from investors about a $4 billion bank miscalculation.
BofA questioned about $4 billion mistake at annual meeting
Investors crowded into the annual stockholders meeting held in a hotel across from the bank’s headquarters building in Uptown.
Investors crowded into the annual stockholders meeting held in a hotel across from the bank s headquarters building in Uptown.
The bank revealed last week that there had been a miscalculation of the amount of capital, and as a result, the bank was not going to be able to increase the quarterly dividend from 1 cent to a nickel.
Moynihan told the investors the miscalculation was a disappointment, and steps were being taken to determine how it happened and what was being done to make sure it didn t happen again.
But for some stockholders, that was not enough and one of them, Richard Davet, questioned Moynihan s leadership.
Brian Moynihan has been there quite a long time and he is not a novice at it, but it s clear you cannot rely on the financial information, he said.
Demonstrators were critical of the bank for a number of reasons including mortgage policy.
Danielle Volpe was one of those chanting and dancing on the sidewalk as Charlotte-Mecklenburg Police and bank security officers looked on.
It is hard enough to get a mortgage in today s society. We have vets on the street that can t get into mortgages, and all these people in this building continue to collect all this money, she said.
Civil rights activist Rev. Jesse Jackson, who attended the meeting, said he has asked Moynihan to meet with him to discuss housing.
I m concerned about a plan to reconstruct areas where people were hurt and abandoned because the hurting people never got bailed out, Jackson said.
At one point a 13-year-old girl stood up and asked Moynihan why her father, who worked for the bank, had been let go.
Moynihan answered that making the decision to let someone go was the toughest he faces as he tries to get the bank back to what these investors expect.
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