Bank of America CEO Brian Moynihan on Friday defended the bank’s decision earlier this year to give him the chairman’s title, saying the lender’s board was following best practices for corporate governance.
'The board’s view is that to become more of a normal company, like our peers, it was the right thing to do', Moynihan said in a wide-ranging, half-hour interview with the Observer.
The Charlotte Observer reports that Moynihan, who is entering his sixth year as CEO next year, made strides in 2014 resolving mortgage-related lawsuits and saw his stock price climb 13%, better than the rise in the S&P 500 Index. But he’s still under pressure to boost the bank’s profits.
In his tenure, he has focused on cutting costs, but he said in the interview that Charlotte’s headcount of roughly 15,000 has remained stable, adding he’d 'expect it to continue to be such'.
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