BofA CEO: Bank has 'a right to make a profit'

October 06, 2011|Liz F. Kay

Bank of America CEO Brian Moynihan says the bank has a right to make a profit as he defended the decision to institute a $5 monthly fee when consumers use their debit cards to make purchases.

Moynihan told CNBC in a Wednesday interview that "I have an inherent duty as a CEO of a publicly owned company to get a return for my shareholders," according totheChicago Tribune.

Moynihan said the bank plans to communicate with its stakeholders so "they'll understand what we're doing -- understand we have a right to make a profit."

I think, based on the comments submitted on earlier blog posts about the BofA fee, that most readers don't challenge Bank of America's right to make business decisions. They just don't want to contribute to those profits and instead plan to take their banking elsewhere.

Are you going to vote with your feet and move to a new bank?



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