BofA is stuck in the past in many ways. But what are the reasons for that? Incompetence of our leadership? No vision? Too much risk in changing some things? But what interests me the most is whether you think that BofA is stuck in the past much more than some of our direct competitors?
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Alex - I'll take All of the Above for $500, please.
It's all those things, but I don't think BoA is anymore behind than any other brick and mortar- based bank. The people running these shops grew up in this space. It's all they know.
When a Board tries bringing in anyone from another industry (consultancy, tech, etc.) they just get chewed up and sp-t out by the cronies jostling for the top seat.
So, everything stays the same. One thing BofA and JPM both excel at: muscle memory.