Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.
ANALYST: It looks like Bank of America's CFO was fired
ANALYST: It looks like Bank of America's CFO was fired
Portia CroweJul 23, 2015, 18:57 IST
Screenshot/BloombergBank of America announced on Wednesday that CFO Bruce Thompson would be leaving the firm. The bank has struggled to meet regulatory standards in recent years, having had issues with three of the past five Federal Reserve stress tests.But the executive's ouster still came as a surprise, and analysts are trying to pin down what happened."It looks to me like the CFO got fired," said CLSA Americas analyst Mike Mayo in an interview with Bloomberg TV's Tom Keene. "At the same time, the CEO is the same, there's no change at the board."He said CEO Brian Moynihan should be held accountable for some of the bank's troubles, but that Thompson's ouster yesterday sent a different message:"It's good to be the boss."He also likened Bank of America's press release, here, to something written by "somebody at the Kremlin."Stress tests are issued by the Fed to all the banks in order to measure how prepared they would be in the event of a major financial upset.Mayo noted that last year, the bank had a $4 billion regulatory capital misstatement, but that this year's proxy statement made no mention of it.For that, he said, the board should also be held accountable.Watch it here:
