Influential shareholder advisory firm ISS also recommended shareholders vote "no" at the Sept. 22nd meeting, citing the poor stress test results and the flat stock price. BofA, the nation's second largest bank, received a conditional pass of its March stress test due to "deficiencies" in its revenue modeling and internal controls, the Federal Reserve said.

"While the near-term viability of BAC is no longer in question, its performance and governance continue to raise concerns," ISS said in its report to shareholders. "BAC's share price is essentially flat during Moynihan's tenure as CEO and it remains far below its pre-crisis levels, leaving many long-time investors underwater," ISS said.

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