This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Bank of America's Moynihan: Mea Culpa

Updated with analyst comment, latest share price.

CHARLOTTE, N.C. ( TheStreet) -- Brian Moynihan spent his first working day as CEO of Bank of America (BAC - Get Report) outlining goals and strategy with broad brush strokes -- repeating some cliches but also ushering in a new era for the country's largest bank.

Moynihan officially took the reins from his predecessor Ken Lewis on New Year's Day, and spent Monday making the media rounds. He published a column in Bank of America's hometown newspaper, the Charlotte Observer, provided prepared remarks to Dow Jones Newswires, and spoke with Bloomberg Television in Raleigh, N.C., before giving a speech at the North Carolina Bankers Association.

Moynihan spoke of the financial crisis, the mistakes that led up to it, and the changes that have taken place since then. Essentially, his message was: We messed up, we took your money, we paid it back, and now we're working to make things better.

The 50-year-old, blue-eyed Bostonian set the tone for what promises to be a challenging year for not just Bank of America, but the industry at large.

After months of being catechized by lawmakers and facing pointed questions on cable television shows, Lewis had lost some of his luster. His demurrals became less kindly and he was less bashful about frustration with seemingly clueless politicians. During one puzzling exchange with Rep. Maxine Waters (D., Calif.), who demanded to know why he was paying himself mysterious "fees," Lewis said simply and exasperatedly: "I don't know what you're talking about."

The ordinarily genteel, white-haired Southerner announced his retirement after a vacation in the mountains, sporting a scraggly beard, but probably feeling quite a bit of relief.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
BAC $15.31 0.00%
C $51.00 0.00%
JPM $59.55 0.00%
WFC $54.12 0.00%
AAPL $123.25 0.00%


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs