BofA's Brian Moynihan - right back where he started from

Brian Fonzie Moynihan

Bank of America exceeded $15.06 Tuesday, the price on the day before Brian Moynihan became chief executive officer almost four years ago.

Bloomberg reports that the bank rose 1.9% to close at $15.20 in New York, bringing this year’s gain to 31%.

That follows last year’s 109% advance, the best in the Dow Jones Industrial Average, as Moynihan eased investor concern that mortgage costs would force the bank to issue more stock.

Before taking over in January 2010, Moynihan, 54, promised the bank’s board that he’d simplify and shrink the company after his predecessor, Kenneth Lewis, bought Merrill Lynch and Countrywide Financial. Moynihan has sold more than $60bn of assets, boosted capital and settled $50bn in mortgage claims.

'He’s getting back to the starting line', David Konrad, Macquarie Group's head of U.S. bank research, said in a telephone interview. 'He’s done a good job on the legal side getting us more comfortable with what’s left. Now the more challenging part is where you have to grow core earnings, not just shrink and eliminate risk'.

To access the complete Bloomberg article hit the link below:

Moynihan Brings BofA Shares Back to Where He Started as CEO

JPMorgan $13 Billion Mortgage Deal Seen as Lawsuit Shield

image: © lewisha1990

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