Dividend cut and CEO change are needed at this stage. BAC cannot afford to pay #2.56 dividend on a $29 stock. *.5% dividend yield is unrealistic. May be bad news is still not here yet.BAC needs someone new who does not have to keep past unachievable promises.I think this KEN should also leave so that BAC can move ahead!!!
At $60 price level BAC could pay $2.56 dividend to yield 4.3%, comparable to its peers then.Now it cannot afford to pay #2.56 dividend on a $29 stock tielding 8.5% while its peers have slashed their dividends and market interest rates also have come down.