Bank of America’s decision to make Brian Moynihan chairman as well as chief executive is drawing fire from some influential shareholders.

Three of the largest pension systems in the US are pushing back on the bank's move, announced earlier this month. The resistance from the California Public Employees' Retirement System, the California State Teachers' Retirement System and the adviser to New York City's five pension funds may result in a variety of steps to try to improve governance, including a shareholder campaign to challenge the move in the spring, according to people familiar with the matter.