Bank of America CEO Brian Moynihan has unfortunately found out the hard way just how difficult it is to turn around a large bank. While he got off to a great start, generated some good media and made some savvy moves, he remains a long ways away from righting the ship that was steered so hideously off course by former CEO Ken Lewis.

The iron grip of the Countrywide deal has loosened a bit. But only enough to provide a little more breathing room. How much more can be freed up remains the big question. Shareholders will not have infinite patience, and that has prompted Breakingviews to opine: Brian Moynihan needs to kick it up a notch or two. The Bank of America CEO has spent much of his 18 months in the corner office cleaning up the mess left by his predecessor.... But despite the yeoman efforts, he has failed to convince shareholders he's turning the firm around."

Bank of America's stock is down 15 percent from its 2011 peak and few think it's about to stage a rally anytime soon. The stock, somewhat shockingly, trades at less than half its book value. Even the value investors are refusing to jump in, as they have been burned before by the company. So for now, Bank of America remains one of those sad companies that people judge to be worth less than the sum of its parts. It's true that few bank stocks are thriving. But relatively speaking, the stock has fared much worse. The second quarter spoke volumes. While JPMorgan Chase, Wells Fargo and even Citigroup were able to deliver upside surprises, Bank of America struggled to match expectations. There's a lot of uncertainty ahead, which will keep the pressure on Moynihan.

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