Bank of America Corporation (NYSE:BAC) CEO Brian T. Moynihan has purchased 30,000 shares of company stock, Dow Jones reports.
Brian Moynihan, the CEO of Bank of America, has purchased 30,000 shares of company stock at around $13.03 each, Dow Jones reported.
Moynihan took over the helm at Bank of America at the beginning of the year from the embattled Kenneth Lewis.
Since then his takeover has taken root, but has failed to return the type of returns that Wall Street has looked for. This insider purchase could help signal that Moynihan is very confident about his turnaround plan.
Bank of America is still struggling with loan defaults and high unemployment due to being the country’s largest mortgage holder.