NEW YORK (TheStreet) -- Shares of Bank of America (BAC) rose 0.84% to $16.25 in morning trading Monday after the bank said it is planning a shareholder vote on the board's October decision to allow CEO Brian Moynihan to also be chairman.
The board changed its bylaws to permit Moynihan to serve both roles, but Moynihan and Jack Bovender, the lead independent director of the board, said in a letter to shareholders Monday that a vote on this matter would occur no later than 2016, according to Reuters.
The letter is in response to shareholder remarks that have come in since the board made the change on its own. The board's change in October reversed a decision it had made during the financial crisis to have separate people serve as CEO and chairman.
Bank of America's letter Monday comes two days before its annual shareholder meeting in Charlotte on Wednesday.
Separately, TheStreet Ratings team rates BANK OF AMERICA CORP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate BANK OF AMERICA CORP (BAC) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its increase in net income, expanding profit margins, growth in earnings per share and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."