A 15-year-old grilled Bank of America's CEO about BofA's performance, and she nailed it
(Chris Keane/ Reuters)
Brian Moynihan.
Natalie Clarke, a 15-year-old who owns 5,000 shares of Bank of America, is on to something.
Clarke fired a pressing question at the bank's executives during an annual meeting on Wednesday, according to Christina Rexrode of The Wall Street Journal: What is the bank doing to become more efficient?
The bank is slashing staff as it copes with low interest rates, sluggish trading, and the impact of depressed oil prices. In the first quarter, BofA missed on revenue and reported lower trading revenue.
Still, there are some, like Clarke, who would like to see the bank do more. Mike Mayo, an analyst at CLSA, grilled the Bank of America executive team on a similar topic during the bank's first-quarter earnings call.
Bank of America chief executive Brian Moynihan told Clarke that the bank would keep cutting costs, according to the WSJ. Moynihan also wished her luck in getting into the University of Notre Dame, where he holds a law degree.
This isn't the first time Clarke has directed questions at BofA's leadership team. A North Carolina native, she thinks that shareholders should pay more attention to the companies they invest in.
"There's a lot of people who own stock in Bank of America," Clarke said, but at the annual meeting, "there's barely enough to fill half a ballroom at a hotel."
Amen to that.
For the full story, head over to The Wall Street Journal >>
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