Reported about 7 hours ago
During its first Investor Day in over 14 years, Bank of America CEO Brian Moynihan announced plans for robust earnings growth, projecting a 12% annual increase in earnings per share over the next three to five years. The bank aims to enhance profitability through AI integration across its operations while aiming for a return on tangible common equity between 16% and 18%. Despite a conservative growth approach leading to criticism, Moynihan emphasized the bank's commitment to efficiency and ambitious profit goals as it plans to replace low-yield securities and manage its workforce amid the rise of AI.
Source: YAHOO