And shareholders will have a lot of ‘fun’ issues to discuss, starting with this:
Apart from the protests outside, CEO Brian Moynihan will likely face tough questions inside. Longtime shareholders, including many in the Charlotte area, have voiced frustration that the bank’s quarterly dividend has been stuck at 1-cent since the financial crisis.
The Federal Reserve had approved the bank’s plan to raise the dividend to 5 cents starting in the second quarter. But on April 28, the bank announced that it had incorrectly accounted for a type of debt inherited in its 2009 Merrill Lynch acquisition for years and that it has to resubmit its capital plan to the Fed.
As a result of the miscalculation, the bank is also suspending its planned repurchase of $4 billion in common stock. It remains unclear what the bank’s revised capital plan will be.