Overview
- Management set a medium-term return on tangible common equity goal of 16%–18%, above prior mid-teens guidance.
- The plan calls for gaining 50–100 basis points of investment-banking fee share over three to five years and lifting earnings per share by more than 12%.
- Trading ambitions include capturing about 9% of industry revenue, up from 7.6%, with net interest income projected to grow 5%–7% annually for five years.
- Moynihan said he intends to remain through the decade as Dean Athanasia and Jim DeMare take co-president roles and CFO Alastair Borthwick becomes executive vice president.
- Context for the push: BofA posted a 15.4% Q3 ROTCE versus JPMorgan’s 20%, its consumer unit earned $3.4 billion (about 40% of profit), and the stock drifted down roughly 2% during the event.