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Bank of America's Moynihan Keeps Chairman Title Despite Board Backlash


NEW YORK (TheStreet) -- Bank of America (BAC - Get Report) investors agreed to let CEO Brian Moynihan keep the title of chairman, despite the arguments of institutional shareholders that the company needs stronger independent oversight.

One shareholder who supported the decision, Tim Newman, said previous leaders seemed to have been concerned solely with growth, while the current management team "has transformed this company into an earnings powerhouse once interest rates begin to raise, which they seem about to do."

The decision, supported by 63% of the shareholders who cast votes, came during a special meeting called after two proxy advisers urged investors at the general meeting in May to vote against directors who authorized recombining the jobs without consulting stockholders.

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"We were getting fairly consistent feedback that shareholders were upset with the process" although they seemed fine with Moynihan serving as chairman, Lawrence Di Rita, a Bank of America spokesman...