News Summary

• CEO Brian Moynihan has been notoriously cautious leading the nation’s No.
• 2 bank since the 2008 financial crisis.
• He promoted Jim DeMare to group co-president – positioning him as his possible successor.
• The elevation also looks like the bank's current CEO is listening to critics both internally and on Wall Street pushing him to embrace risk taking to juice earnings and a stock price that has lagged the competition.
• As one BofA insider put it: “He's the carbon copy of Brian; a retail banker who looks at capital markets as an afterthought.
• They are literally the same person in different bodies”