Pension fund to vote against BofA's Moynihan's job split

Brian Moynihan With Batphone

A third large state pension fund is lining up against Bank of America boss Brian Moynihan, The New York Post has learned.

The newspaper reports that New York’s $184.5bn Common Retirement Fund — the third-largest such fund in the country — will vote to split Moynihan’s dual role as chief executive officer and chairman, sources said.

The vote is scheduled for September 22, and the outcome is expected to be very close.

Both the bank and opponents of its move to allow Moynihan to keep the two titles are scrambling to round up support.

In opposing the measure, New York’s pension fund, overseen by Comptroller Thomas P. DiNapoli, joins CalPERS and CalSTRS, the two California pension funds that each own about 1% of the shares of the bank.

To access the complete New York Post article hit the link below:

State pension fund to vote for BofA’s Moynihan to split roles

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