Calpers, Calstrs oppose joint CEO-chairman role at Bank of America

A Bank Of America sign is pictured in the Manhattan borough of New YorkThe California Public Employees' Retirement System (Calpers) and the California State Teachers' Retirement System (Calstrs) sent a letter on Monday to the bank's lead director, Jack Bovender, saying that the roles of CEO and chair of the board have inherent conflicts which require the two posts to be separate. The funds wrote that since Moynihan was appointed CEO, the bank has underperformed and that it needs stronger, more independent oversight and not less.



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