Bank of America (BAC) CEO Brian Moynihan, 52, is seen as the devil incarnate by Occupy Wall Street protestors for his bank's plan to charge debit-card users a $5 monthly fee -- this after the bank got two taxpayer-funded bailouts so it could survive.
That obviously ticked off long-time customers. Adding fuel to their bonfire, his salary was $2 million in 2010, his first year as CEO. Bank of America's workers are unhappy, too, as layoffs are reportedly imminent and they're probably passing that along to customers. That's why it ranked lowest in a 24-bank survey of small-business customer satisfaction from J.D. Power and Associates this month.
And investors can't be happy as BofA's shares are down almost 50% this year and have lost 26% annually over the past five years. Moynihan has kicked off an "outreach campaign" to turn things around, but proved his management is just flailing away at it when it rescinded its plan for the $5 ATM-card fee this week after reprimands from President Barack Obama and lawmakers, including Illinois Sen. Richard Durbin, who said customers should withdraw their deposits in protest. Ouch!
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV