Bank of America Merrill Lynch cracks down on risky securities with ban on penny stocks

Bank of America appears to be the first major wirehouse to restrict the purchase of penny stocks. The move is the latest example of Bank of America pulling back on potentially risky activities. Chief Executive Officer Brian Moynihan, 58, has spent much of his tenure spending billions of dollars securing settlements with regulators. He often repeats his "responsible growth" mantra, and signs of the impact of that strategy abound.