An advisory firm wants Bank of America's shareholders to strip Bank of America's CEO, Brian Moynihan, of his second title — chairman of the board.
Institutional Shareholder Services reportedly recommended on Friday that the bank's shareholders vote down a proposal from the board allowing Moynihan to keep both titles, arguing that the bank would benefit from having independent oversight.
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It's the latest move to unravel the board's decision to award the chairman job to Moynihan last year and comes ahead of a vote on the issue at a shareholder meeting scheduled for Sept. 22. Another advisory firm, Glass Lewis, recommended a vote against the proposal last week.
Moynihan has been the Charlotte, North Carolina-based bank's CEO since January 2010.