Bank of America has stated that it plans to increase profits and control costs in an effort to boost its stock price performance.

Bank of America announced a series of financial new goals, forecasting that earnings per share will grow by at least 12% annually in the coming years. The bank's stock performance this year has lagged behind its major U.S. peers and they are now seeking to revitalize market performance. In presentation materials released before the investor day event held in Boston on Wednesday, the bank stated plans to increase return on tangible common equity from the current approximately 15% to 16-18% over the next three to five years while controlling expenses. This metric measures the bank's profitability efficiency and is closely watched by the industry. The materials also show the bank's target for common equity Tier 1 capital adequacy ratio to be around 10.5%, which was at 11.6% at the end of September. As of last month, the minimum requirement for the bank's CET1 under the current Federal Reserve rules is 10.1%. Even though Bank of America's stock has risen by 19% this year, its performance still lags behind its top five competitors in the U.S. Over the past five years, the bank has also performed the worst. At the start of the investor day event in New York, the stock fell by 2.7% to $52.10 at 9:56 am. CEO Brian Moynihan and his team are presenting the new goals and detailed plans for the bank's eight business divisions to investors. This is the first investor day event held by Bank of America in nearly 15 years, with management aiming to explain progress and how they will achieve the new goals. Moynihan emphasized in his opening remarks on Wednesday that the company is committed to achieving sustainable improvements.