Business
3:15 pm
Wed May 8, 2013

Bank Of America Shareholders Approve Executive Pay

Bank of America held its annual shareholders' meeting in Charlotte today. CEO Brian Moynihan began the meeting highlighting the company's financial gains. He says the company has seen large growth in deposits and credit card accounts and has helped close to 2 million homeowners avoid foreclosure. He says internally, the company has been able to reduce costs to more quickly increase payouts for its shareholders.

"Three years ago, we set on a course to create a stronger company. And we've done that," Moynihan said. "We've become more straightforward at the same time. First, we strengthened our balance sheet to give us a platform for growth, we've doubled our capital, brought our liquidity up by almost three times and reduced our long-term debt by half."

During the meeting, shareholders voted to approve how much executives are paid and all 13 nominees were elected to the board of directors.