BofA chief exec Moynihan gets board backing

BANK of America chairman Chad Holliday yesterday gave his “100 per cent” support to his under-pressure chief executive Brian Moynihan, who has presided over a steep decline in the group’s share price. Bank of America is the parent company of BoA Merrill Lynch, which employs thousands of bankers in the City.

Holliday made the comment at a conference in Abu Dhabi when asked how much board support Moynihan has after recent events and media speculation over his future.

He declined to say whether the bank planned to sell more assets or retreat further in its ambitions.

Moynihan, CEO since January 2010, is under pressure to build capital to absorb mortgage-related losses and meet new international standards.