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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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) 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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 16,915.07 -70.54 -0.42%
S&P 500 1,964.68 -8.15 -0.41%
NASDAQ 4,396.2040 -22.83 -0.52%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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