The U.S. had plans to hike duties on at least $250 billion in Chinese goods to 30% from 25% on Tuesday. Despite the partial trade deal, some banks on Sunday wrote that tariff...Marketsread more
Hunter's vows to forgo any foreign work follow a slew of unsubstantiated attacks by President Donald Trump accusing him of corruption.Politicsread more
Airlines continue to delay when they plan to have the planes back again with no sign from regulators on when the planes will be approved again.Airlinesread more
The industry has pulled in $322 billion over the past six months, the fastest pace since the second half of 2008.Marketsread more
Today's rally clearly indicates that the market is happy for the moment with just a partial deal. But the Dow gave up 200 of its 500-point gain in the final half hour as...Trader Talk with Bob Pisaniread more
Fisher was initially defiant amid the backlash in an interview with Bloomberg, in which he said he had "given a lot of talks, a lot of times, in a lot of places and said stuff...Personal Financeread more
Turkey's invasion of northeastern Syria began Wednesday after Trump ordered U.S. troops to pull back from the area.Politicsread more
SpaceX and Boeing are each in the final stages of developing the spacecraft needed for the U.S. to once again fly astronauts.Investing in Spaceread more
Typhoon Hagibis made landfall south of Tokyo on Saturday evening. By Sunday around 376,000 homes were left without electricity, and 14,000 without running water across Japan....Weather & Natural Disastersread more
While Warren's ad about Facebook isn't true, the company's own policy allows politicians to make such false claims in paid advertising.Politicsread more
California's Tehachapi Pass is already home to one of the largest wind farms in the world, and now Amazon is coming, building a huge wind project in the area. How...Powering the Futureread more
Shareholders should throw out Bank of America's corporate governance board following its decision to promote CEO Brian Moynihan to chairman of the board in October, CLSA bank analyst Mike Mayo said Friday.
"Bank of America said they missed their targets last year, and what happens to the CEO? He gets promoted to also have the chairman position," Mayo told CNBC's "Squawk Box." "Is that the way things work for the over 200,000 employees at Bank of America? Miss your targets, get promoted?"
Mayo also criticized Bank of America for its problems in past Federal Reserve stress tests, a $4 billion regulatory capital misstatement and for falling short in return on equity. He continued to say the bank does not have a time frame for any public financial target.
Bank of America declined to comment. It holds its annual shareholder meeting on May 6.
About 57 percent of analysts have a buy or overweight rating on the bank's shares, and 34 percent rate the stock hold, according to FactSet data. The average price target is $18.14, above its last closing price of $15.69.
Mayo made his comments after two proxy advisers—Glass Lewis and Institutional Shareholder Services (ISS)—told shareholders they should vote against members of BofA's corporate governance committee in response to the company's decision to appoint Moynihan chairman without consulting shareholders, The Wall Street Journal reported.
In 2009, shareholders passed a rule that said the roles should be split between two individuals. Bank of America told the Journal the rule was passed in the aftermath of the financial crisis and during the tenure of a different CEO, Kenneth Lewis.
Mayo said Glass Lewis and ISS did not go far enough in their advisory.
"I say, also look at the failed financial performance relative to what I think are their targets, the lack of a public time frame for future financial targets, the poor tone at the top of the company, and lack of accountability," he said.
He said regulators will step in to fill the void if investors do not step up and hold Bank of America accountable.
"If you want more regulation, go ahead. Let the directors stay on Bank of America's board. If you want to show that we collectively are taking ownership of the financial industry and stop being embarrassed by bad practices, then let's do something May 6," he said.