Natalie Clarke, a 15-year-old who owns 5,000 shares at Bank of America, is on to something.
Clarke fired a pressing question at the bank’s executives during an annual meeting yesterday, according to Christina Rexrode over at The Wall Street Journal.
What is the bank doing to become more efficient?
The bank is slashing staff as it copes with low interest rates, sluggish trading and the impact of depressed oil prices. In the first quarter, Bank of America missed on revenue and reported lower trading revenue.
Still, there are some, like Clarke, who would like to see the bank do more. Mike Mayo, an analyst at CLSA, grilled the Bank of America executive team on a similar topic during the bank’s first quarter earnings call.
Bank of America chief executive Brian Moynihan told Clarke that the bank would keep cutting costs, according to the WSJ. Moynihan also wished her luck in getting into the University of Notre Dame, where he holds a law degree.
This isn’t the first time Clarke has directed questions at Bank of America’s leadership team. A North Carolina-native, she thinks shareholders should pay more attention in the companies they invest in:
“There’s a lot of people who own stock in Bank of America,” Miss Clarke said, but at the annual meeting, “there’s barely enough to fill half a ballroom at a hotel.”
Amen to that.
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