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Tuesday, May 21, 2013 | 12:42 p.m.

Updated: 6:18 p.m. Thursday, Oct. 6, 2011 | Posted: 1:24 p.m. Thursday, Oct. 6, 2011

BofA criticism could lead to ouster of CEO

CHARLOTTE, N.C. —

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The outrage over Bank of America's new debit card fee hasn't eased up and it doesn’t seem like the pressure on the bank’s leadership team is easing up, either.

For Bank of America the spotlight has never been tougher and for CEO Brian Moynihan, the stakes have never been higher.

“I think Moynihan’s time, if they cannot start to show a profit, is probably very limited,” said University of North Carolina at Charlotte economist John Connaughton.

Connaughton is not the only one wondering how long the bank’s embattled CEO can hang onto his job.

The bank’s image is suffering from customer outrage over a $5 per month debit card fee that Moynihan himself weakly defended when stopped by a reporter in Washington, D.C.

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“Does Bank of America need that money to be helpful, in order to stay alive?” the reporter asked.

“The fee is meant so we can provide the great services we provide to our clients,” Moynihan said.

On Thursday, the bank took out a full-page newspaper ad touting contributions to the community.

Also on Thursday, customers protested outside a Bank of America branch in Washington where Molly Katchpole, 22, delivered a petition with 100,000 signatures demanding the bank cancel the debit card fee.

Outrage aside, UNCC banking expert Tony Plath said the bank's ongoing losses, combined with critical comments from U.S. Sen. Dick Durbin and even President Barack Obama, could spell the beginning of the end for Moynihan.

“We’ve got to see trends reverse,” Plath said. “We’ve got to see fewer problems and we’ve got to see an elevated or an escalating stock price if he is going to survive.”

Connaughton said Moynihan may have inherited many of the bank’s problems, but, “He has now been there long enough that corners should have been turned and they are not being turned yet,” he said. So he’s got a very short window here.”

Both Connaughton and Plath believe Moynihan can survive if he can find a way to get the bank’s stock price up. But they both also admit they won’t be surprised if he is gone before that happens.

Previous Stories: October 5, 2011: Experts say BofA’s troubles are self-inflicted October 5, 2011: Bank of America website woes last into 6th day October 3, 2011: BofA website down again September 30, 2011: Debit card fee upsets some BofA customers September 30, 2011: Bank of America experiences website problems September 30, 2011: Bank of America charging monthly debit card fee

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