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BNP Paribas shareholders have approved raising the age limit for the CEO from 65 to 68, allowing current CEO Jean-Laurent Bonnaf é, 63, to potentially remain in his role until 2031. The board chair's age limit was also increased from 75 to 78, enabling Jean Lemierre, 74, to continue in his position. Shareholders voted overwhelmingly in favor, with 98% supporting the changes, which aim to strengthen governance during the succession phase amid concerns over leadership continuity. Bonnaf é's annual pay will increase by 25% to €2.3 million.
Warren Buffett announced he will step down as CEO of Berkshire Hathaway at the end of 2025, recommending Greg Abel as his successor. Tributes poured in from business leaders, praising Buffett's extraordinary career, integrity, and philanthropic efforts, with many expressing confidence in Abel's leadership.
Warren Buffett's Berkshire Hathaway holds a significant stake in Bank of America Corporation (BAC), valued at nearly $26 billion, making it one of his largest investments. Despite slight reductions in his position, Buffett's confidence in BAC remains strong due to its solid financial performance, including an 11% profit rise in Q1 2025, and its appeal as a stable financial stock with a competitive edge and attractive dividend yield. While Apple is his largest investment, BAC stands out for long-term growth and income potential amid market uncertainties.
Bank of America CEO Brian Moynihan indicated that while consumer spending remains strong, the economy may be shifting, with increased odds of a slight recession. He reassured that consumers should not panic but should stay informed and consider building emergency funds and managing budgets to prepare for potential economic changes.
JPMorgan Chase CEO Jamie Dimon and Bank of America CEO Brian Moynihan have sold a combined $268.63 million in shares since the start of the year. Dimon sold approximately $31.50 million in April and has disposed of $448.26 million in total over the past 14 months, while Moynihan has consistently sold shares monthly since July 2022.
Brian Moynihan has served as Chairman and CEO of Bank of America since 2010, steering the bank through financial crises and global challenges while focusing on responsible growth and sustainable finance. In 2023, he earned $30 million, reflecting his pivotal role in maintaining the bank's competitiveness. A Brown University graduate with a J.D. from Notre Dame, Moynihan is known for his low-profile leadership and commitment to ESG principles, aiming to balance profitability with social responsibility.
Bank of America CEO Brian Moynihan stated that anticipated trade deals from the Trump administration could significantly stabilize market volatility. With 18 proposals currently on the table, a successful agreement would demonstrate that trade resolutions are achievable, despite ongoing tariff tensions, particularly with China. While some economists have adjusted growth forecasts downward, Moynihan maintains that the U.S. economy remains in reasonable shape, though a notable slowdown is expected.
Bank of America shareholders approved executive pay packages, including a 21% increase for CEO Brian Moynihan, who earned $35 million last year. Despite concerns from proxy adviser Institutional Shareholder Services, the board credited Moynihan with revenue and net income growth. Shareholders rejected proposals for annual reports on lobbying alignment with climate targets, as the bank recently exited the Net-Zero Banking Alliance.
Bank of America shareholders have approved a $35 million compensation package for CEO Brian Moynihan, marking a 21% increase from the previous year. This decision came despite a recommendation from proxy adviser Institutional Shareholder Services to oppose the payouts due to concerns over the compensation determination process. The bank's board justified the raise by citing a 2.3% growth in net income and a 3.4% increase in revenue.
Bank of America shareholders approved the compensation packages for CEO Brian Moynihan and other executives, despite a recommendation from proxy adviser Institutional Shareholder Services to vote against them. Moynihan's pay rose to $35 million, a 21% increase, attributed to a 2.3% rise in net income and a 3.4% increase in revenue. Additionally, shareholders elected 14 directors to the board, reflecting their confidence in the bank's leadership.
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