The company went from like a 20 percent down to 15 percent turnover. He joined the Board of Directors, following his promotion to President and CEO in 2010. (Reuters) - Bank of America Corp Chairman and Chief Executive Officer Brian Moynihan on Wednesday played down the impact on the bank if Donald Trump is elected as the next president of the United States. Theres just not enough money. Advertisement. Were saying that if were net-zero, that that is a cost. Then governments have to use their purchasing power. The following year there was a similar corporate backlash over North Carolina's ban on transgender individuals using public bathrooms. Simply saying were not going to hold X or Y in our portfolio does not mean X or Y doesnt keep going on. article ul li { list-style: disc; padding: 5px 0; } More recent research also demonstrates that liberal executives tend to pay more attention to gender diversity inside their companies and are less likely to reduce their workforce when economic conditions deteriorate, consistent with the values that liberals prioritize. The second thing is diverse companies werent getting the capital. [9] From 1999 to April 2004, he served as executive vice president, managing Fleet's brokerage and wealth management division. [23], "A look at Bank of America's new CEO Brian Moynihan", "Bank of America names Brian Moynihan as new CEO", "Bank of America Board of Directors Elects Brian Moynihan CEO", "Brian Moynihan Elected Chairman of the Board of Directors | Bank of America Newsroom", "Moynihan, in running for Bank of America's top job, has experience winning tough fights", "Bank of America Names Brian Moynihan General Counsel", "Know Your BofA CEO Candidate: Brian Moynihan", "Is Brian Moynihan's Credibility Hurt By Warren Buffett Deal? Texas governor backed out of throwing the ceremonial first pitch at the Texas Rangers home opener. The study looked at campaign contributions by more than 3,800 CEOs of S&P 1500 companies between 2000 and 2017. Were actually buying directly fuel that is zero emissions to replace fuel that would otherwise be burned for our teammates flight. All in all, Scott concluded that this is a case of the pot calling the kettle black: Brian Moynihan is a messianic menace, who has become a billionaire running a too-big-to-fail bank, and who now wants to use that bank and its owners and clients assets to constrain and diminish the lives of his guarantors (American taxpayers) while he remains a master of the universe. They met as classmates at Brown University. What we need is some help. CNN Business exclusive: Bank of America CEO says a recession isn't in siblings: Kathryn Moynihan, Patrick Moynihan, education: Brown University, University Of Notre Dame, https://flickr.com/photos/worldeconomicforum/39897974383, https://flickr.com/photos/worldeconomicforum/24407231942, https://flickr.com/photos/charlotteworld/32306038254, https://flickr.com/photos/bostoncatholic/20894610703, https://www.youtube.com/watch?v=F429iY-GFRE. His father worked as a chemist while his grandfather was a lawyer. That's right, the Wall Street banker who runs a firm . Bank of America 's annual meeting is scheduled for April 25, and shareholders will be asked to vote on a proposal that would increase accountability for the company's longtime Chairman and CEO, Brian Moynihan (pictured above, right, with the World Economic Forum 's Klaus Schwab ). Rather, the GOP seems to be doing the drifting, not only from corporate America, but the American public as well. June 25, 2021 - Barron's 'Don't lose sight of why': Bank of America CEO Brian Moynihan on importance of ESG in business June 18, 2021 - Charlotte Business Journal; America's Banker: Brian Moynihan, 2020 CEO Of The Year October 20, 2020 - Chief Executive Magazine Republicans reacted furiously and warned of retribution, including eliminating tax breaks for companies taking a stand on the issue. Apple CEO Tim Cook escorts US President Donald Trump as he tours Apple Computer plant in Austin, Texas. A lot of people who want a loan from us actually need equity. Number one, our clients are making this transition and our job is to help them make it. Bank of America Shareholders Asked to Curb Power of Brian Moynihan The close relationship between corporate America and the Republican Party dates back to the 1970s. Eventually, Moynihan went to work as a lawyer in the financial sector. One of the Bank Executives Targeted By Bernie Sanders. If you make metrics part of the official sector, then you can see whos making progress. So, Read More What is The $50 Million Blockchain Research Program?Continue. Brian Thomas Moynihan (born October 9, 1959)[1] is an American investment banker, businessman and the chairman and CEO of Bank of America. Submit a correction or make a comment about this profile, JD, University of Notre Dame Law School (1984), National Republican Congressional Committee, Submit a correction or make a comment about this profile. There were complaints from shareholders regarding the bank's mortgage servicing operations, decreased share prices, and other issues. Thats for us to do so he can remain a master of the universe.. They also found that having a female CEO was associated with increased transparency. April 23 (UPI) -- There's a growing rift between corporate America and the GOP -- two groups that have long been bedfellows. A 2017 survey found that 89% of employees said they'd accept a reduced salary to work at a company whose values match their own. He must be reined in. On the voting laws, a recent poll found that most people favor legislation that makes it easier to vote, not harder. Bank of America said it would begin reporting its financed emissions as soon as this year. In 2011, Moynihan accepted $5 billion in capital from Warren Buffet. Slideshow ( 2 images ) (Reuters) - Bank of America Corp Chairman and Chief Executive Officer Brian Moynihan on Wednesday played down the impact on the bank if Donald Trump is elected as the. WHEN: Today, Wednesday, January 19, 2022 WHERE: CNBC's "Closing Bell" Following is the unofficial transcript of a CNBC interview with Bank of America Chairman & CEO Brian Moynihan on. Brian Moynihan - Bank of America However, that didnt last long because he was the one who succeeded the previous CEO of Bank of America when said individual stepped down in 2010. Scott explained theres a lot for BOA to lose for Moynihan, his employees, his customers and his investors: He and his brain trust may want to pay careful attention to the fact that in BOAs home state of North Carolina a jury justawardeda hospital-industry executive $10 million for having been discriminated against because he was white. Bank of America Corp. increased Chief Executive Officer Brian Moynihan's pay by 31% last year after the lender posted record profits. Documentaries are incredible; they tell us true stories about a journey or event. Why have companies become more outspoken in recent years and willing to upset an alliance that has helped them reduce their tax bills and regulatory hurdles? Certain links may direct you away from Bank of America to an unaffiliated site. And Senate Minority Leader Mitch McConnell bluntly warned companies to stay out of politics though he later softened his tone. Initially, Moynihan studied at Brown University. But corporate America isn't necessarily moving away from the Republican Party and toward the Democrats. Fleet Boston EVP, Regional Commercial Financial Services (2003-04) Brian D Moynihan from Toledo, Ohio | VoterRecords.com Corporate executives tend to follow public sentiment, as they want to minimize the risk of losing customers for their products and services. Brian Moynihan Pronunciation, Political Party, House, Raise Brian Thomas Moynihan (born October 9, 1959) is an American investment banker, businessman and the chairman and CEO of Bank of America. When Brian T. Moynihan arrived at Davos in the middle of a Swiss snowstorm in January 2010, just weeks after taking on the top job at Bank of America, he didn't expect to be hit . Our Standards: The Thomson Reuters Trust Principles. He is also the Chairman of The Financial Services Forum as well as a member of The National Museum of African American History & Culture. Once popular opinion hit the halfway point, however, a lot more companies including ones led by conservative CEOs begin speaking out in favor. Given the discriminatory lending program at BOA not to mention the explicitly racist employee training BOA hassponsored, recommended to its employees and then lied about Moynihan ought to take note. Are CEOs influenced by their own political preferences when deciding whether and how to spend corporate funds on politics? The CEO is the corporation's top decider, which means his or her political leanings can filter into business decisions. Instead, businesses are trying to make clear that their concerns are not partisan in nature. 2020 Transaction Count/Amount. Remember this key thing, if you believe that changes need to happen, it isnt going to happen by charity. Interestingly, even liberal CEOs said very little until 2011, including those who already provided employees with domestic partner benefits. Moynihan comes from Muimhneachin, which means a male individual who had a Munsterman for an ancestor at some point in his family tree. Brian Moynihan leads a team of more than 200,000 employees dedicated to making financial lives better for people, companies of every size, and institutional investors across the United States and around the world. By year end this year, were supposed to do it. Our turnover rate in 2021 was basically the same as it was in 2019. Its a virtuous circle. In the past, Moynihan has also worked for Travelers Aid Society of Rhode Island, Countrywide Bank, and LaSalle Bank Midwest NA. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and Members ofSIPC, and, in other jurisdictions, by locally registered entities. Bank of America, N.A. Rather, the GOP seems to be doing the drifting, not only from corporate America, but the American public as well. By industry, the most transparency could be found at companies in the energy, health, and utility sectors (which are heavily regulated areas, and the pressure for transparency may be greater). He has served as the chairman for Haitian Project, Inc. as well as the director and president of investment banking at the United States Trust Co., NA. Theyre changing as fast as they can and the efforts are genuine and they come to a lot of us and say give us your best practices, and we give it to them. See here for a complete list of exchanges and delays. September 23, 2020, The David Rubenstein Show Moynihan was born in Marietta, Ohio in 1959, the sixth of eight children in a Catholic family of Irish descent. Bank of America executive emerges as big Republican donor | Charlotte Chair of the Board and Chief Executive Officer, Bank of America Institute Launches with Monthly Consumer Checkpoint, Bank of Americas Community Development Financial Institution Loan Portfolio Surpasses $2 Billion, The Executive Leadership Council Honors F500 CEOs and Corporations for Advancing Black Leadership at 2021 ELC Annual Recognition Gala, The Prince of Wales to Meet G7 Leaders and CEOs to Call for Coordinated Action to Tackle Climate Change, Bank of America Surpasses Equity Investment Goal of $200 Million and Increases Target to $350 Million to Support Minority Entrepreneurs, Mark Carney, UN Race to Zero Campaign and COP26 Presidency Launch Net Zero Financial Alliance with World's Biggest Banks, Asset Owners, Asset Managers and Insurers, Bank of America Increases Commitment to Advance Racial Equality and Economic Opportunity to $1.25 Billion, Council on Competitiveness Announces New Chairman, Mr. Brian Moynihan, Chairman and CEO, Bank of America, Bank of America Announces Actions to Achieve Net Zero Greenhouse Gas Emissions before 2050, Bank of America Announces Investments in 40 Private Funds Focused on Minority Entrepreneurs for Approximately $150 Million, Global Business Leaders Support ESG Convergence by Committing to Stakeholder Capitalism Metrics, Brian Moynihans Leadership at Bank of America Means Less Stress for Shareholders. He is a multi-millionaire. Is that still on track? For example, workers tend to show more trust and commitment toward a company when they feel it shares their values, which leads to higher productivity. Youre hearing about turnover rates and the great resignation. Net-zero for them doesnt mean the cars emissions. Since being named CEO in 2010, Moynihan has pushed an environmental, social and governance agenda that seems to be working for shareholders. The industry wants a mandate for sustainable aviation fuel as a percentage of total fuel used. The report also criticized the banks use of tax havens. There are a number of things that cause said city to stand out, with examples ranging from how it was the first permanent U.S. settlement in the Northwest Territory to how it was one of the stations on the famous Underground Railroad. [18], He currently lives in Wellesley, Massachusetts, and frequently commutes between Boston and Bank of America's headquarters in Charlotte, North Carolina using Bank of America's private jets. Yet corporations, including yours, are putting their own prices on carbon to guide decision making. Considering the trust issues that were running rampant in the wake of the Great Recession, it is no wonder that a lot of traders called Moynihans credibility into question, though that has been remedied to some extent. To read all of Deconstructing Brian Moynihan at the Townhall website, click here. If theyre really answering that question I think at the end of the day Bank of America will be fine, said Moynihan. The Full Guest List for the State Dinner - The New York Times The latest incident involves a restrictive voting law passed in Georgia -- with dozens of other states working on their own measures meant to limit voting. In 2012, a report titled "Top Corporate Tax Dodgers" was issued in which Moynihan alongside many other CEOs was criticized by Senator Bernie Sanders. This article is republished from The Conversation under a Creative Commons license. If governments would put a line or two into these communiqus SAF at 10 percent that would create an industry which frankly would go right through that 10 percent. So, looking through an ESG lens, Bank of America has seen the light? In short, what happened was that Moynihan was an executive at FleetBoston Financial, which winded up merging with Bank of America in 2004. So our clients are at risk if they make that wheel unless they understand how they make the transition so they can be in that supply chain. We have a more stable workforce. Fleet Boston EVP, Brokerage and Wealth Management (1999-2004) Biography Brian Moynihan Pronunciation, Political Party, House, Raise By Sandra Berko May 23, 2022 Advertisement Brian Thomas Moynihan is an American businessman and the chairman and CEO of Bank of America. Companies were also vocal during former President Donald Trumps presidency over such matters as his travel ban from Muslim-majority countries and his comments following the white supremacist rally in Charlottesville, Virginia. The debate over same-sex marriage is a good case in point. Companies may be responding to research showing the benefits of listening to their employees and showing their voices matter. Bank of America also was named on Peoples Companies that Care list and is the top global bank on Fortunes Change the World list. Thats not fair. "[13], On October 26, 2011, Huffington Post blogger Jillian Berman noted that BoA "has also been hammered in the stock and bonds markets" and "was the worst performer in the Dow Jones Industrial Average for two-quarters straight while Moody's downgraded the bank last month." Then the decision isnt, Yep, theres 12 companies in this industry, let me get out of all 12. Its, These 10 are making progress, Ill stay with them and those two will start to suffer from investors and others. Thats played out in the oil and gas industry in the last couple years. Moynihan also didn't seem overly concerned that any geopolitical tension between the US and China stemming from the recent spy balloon incident will have a lasting impact on the global economy.. If youre in the supply chain for an auto company and you make wheels for the car, at some point those buyers say Im net-zero. The most liberal and conservative CEOs - Yahoo Finance We learned our lesson and stopped it. My research suggests there are three driving forces for this trend. Bank of America Shareholders Asked to Increase Accountability for 'Woke To be classified as Republican or Democratic, at least two-thirds of the executives donations had to go to either party; otherwise they were classified as neutral. Overall, roughly 57% of the CEOs were classified as Republicans, and about 19% as Democrats. Because at the end of the day, if you cant reduce your usage, youre going to have to pay your way out of the rough, so to speak. He is also the CEO of Health & Innovation at Bipartisan Policy Center. The latest incident involves a restrictive voting law passed in Georgia with dozens of other states working on their own measures meant to limit voting. However he does like to take on other topics involving some of his personal interests like automobiles, future technologies, and anything else that could change the world. Whatever the case, there can be no doubt about the fact that Moynihan is one of the most influential figures in the financial sector. Why have we not seen better results? Bank of America CEO: We're preparing for possible debt default - CNN I have high confidence that the powers of office will be able to shape people into being whats good for America. Brian Moynihan, chief executive officer of Bank of America Corp., speaks during a Bloomberg Television interview at the Goldman Sachs Financial Services Conference in New York, on Tuesday, Dec.. She quoted him as saying: "We struck a chord with customers that no one anticipated. Copyright 2023 United Press International, Inc. All Rights Reserved. Instead, businesses are trying to make clear that their concerns are not partisan in nature. It just wont happen. April 23 (UPI) -- There's a growing rift between corporate America and the GOP -- two groups that have long been bedfellows. Protesters converged outside the building, which they were barred from entering by police and metal barricades. Now youre working across sectors to get the various metrics to converge. POLITICO Q&A: Bank of America CEO Brian Moynihan, Insider Q&A: Brian Moynihan, CEO of Bank of America, Bank of Americas CEO has a message for governments on carbon markets: Give us a price, Why Financing the Multi-Trillion-Dollar Transition to Net Zero Isnt That Hard. In my own research, which tracked companies' engagement on same-sex marriage issues in the 2000s and 2010s, I found that the likelihood of CEOs speaking out on same-sex marriage significantly increased when there were more employees who donated to Democrats -- which was true even when the CEO leaned conservative. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue. Brian Moynihan - $5,979 in Political Contributions for 2020, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions That is, they seem to believe it's simply the right thing to do. Weve got to ensure the planes are flying on SAF or buy equivalents, which is what were doing. However, Moynihan said spending is still . Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. And Senate Minority Leader Mitch McConnell bluntly warned companies to "stay out of politics" -- though he later softened his tone. Brian Moynihan is both the Chairman and the CEO of Bank of America. Shareholders Have Prospered. Corporate taxes as a share of U.S. gross domestic product are only about 1%, the lowest since the 1930s and down from 4.1% in 1967. Texas' governor backed out of throwing the ceremonial first pitch at the Texas Rangers' home opener. In 2016, Bank of America CEO Brian Moynihan told The Wall Street Journal that job descriptions for corporate leaders now include driving what we think is right. M. K. Chin is an assistant professor of management at Indiana University. Copyright 20102023, Academic Journalism Society, Bank of America CEO Brian Moynihan, left, has said companies need to do whats right., growing rift between corporate America and the GOP, dozens of other states working on their own measures, signed a statement printed in The New York Times, backed out of throwing the ceremonial first pitch, Corporate taxes as a share of U.S. gross domestic product, denounced so-called religious freedom laws, his travel ban from Muslim-majority countries, white supremacist rally in Charlottesville, Loren Matthew/AP Images for Bloomberg Global Business Forum, means his or her political leanings can filter into business decisions, companies are responsible to shareholders first and foremost, demonstrates that liberal executives tend to pay more attention, are less likely to reduce their workforce, are more likely to concede to activists demands, increasingly say CEOs have a responsibility to speak out, signed a statement supporting voter rights. In the environmental world, it has to be a just transition, we have to have energy so all countries can grow and prosper. [8], Moynihan held numerous banking positions before becoming president of consumer and small business banking (SBB) at Bank of America in January 2009. Learn how you can help create a productive, creative, and compassionate work culture. Corporate America seems to be drifting from the Republican Party 3 min read. These materials are for informational purposes only. That is, they seem to believe its simply the right thing to do. That's because their younger customers, especially millennials, increasingly say CEOs have a responsibility to speak out and they would be more likely to buy products if they do. Whats the thinking? You regularly award stock to rank-and-file employees at a cost of $3.3 billion so far and your hourly minimum wage is now $21, up from $15 in 2017. CEOs who mostly donate to Democrats tend to spend more on their employees, community activities and environmental issues, regardless of their company's profitability. We need to have a standardized cost of carbon. But this union has become increasingly strained in recent years over a range of social issues, particularly regarding LGBTQ rights. Bank of America CEO, Banc of America Securities LLC (2008-09) Bank of America ( BAC) CEO Brian Moynihan sees his firm not only as a legacy bank, but as a financial technology company on the cutting edge of digital . While I believe CEOs are partly responsible for the growing business-GOP divide, its not the only factor driving it. This practice has come under scrutiny from some shareholders. There are so many different kinds, from humorous to profound, cute to horrific, its not hard to find a documentary for everyone. For example, he was put in charge of Merrill Lynch when Bank of America bought it in 2008. Bank of America CEO Brian Moynihan has pushed an environmental, social and governance agenda since taking over in 2010. The lack of full disclosure makes it harder to say. He Quietly Turned Bank of America Around. Can He Do More? - New York Times Brian Thomas Moynihan (born October 9, 1959) is an American businessman and the Chairman and CEO of Bank of America. Public support for allowing gay people to marry surpassed 50% for the first time in 2011 -- it's now at 67%. But Moynihan hedged when asked if he supports Biden's plan to boost the corporate tax rate to 28% (from 21%) to help pay for the federal government's $2 trillion stimulus package. The 100-plus companies that signed a statement supporting voter rights and against bills that would restrict access emphasized this point. POLITICO Q&A: Bank of America CEO Brian Moynihan | Hannah McKay/Pool via AP, File. CEOs who mostly donate to Democrats tend to spend more on their employees, community activities and environmental issues, regardless of their companys profitability. Advertisement The efforts have doubled down. Public opinion is another factor likely driving the growing rift with the GOP. But relatively few CEOs are staunchly liberal, so the impact of the CEO on this trend may be limited. Transcript: Bank of America CEO Brian Moynihan on "Face the Nation Then society wants to hold them accountable. We started this a long time ago to drop employee churn and have people be more career-oriented. Bank of America CEO Brian Moynihan on how he plans to trim its - CNBC Over 300 companies, CEOs and other executives signed a statement printed in The New York Times to defend the right to vote and oppose any discriminatory legislation, while Major League Baseball moved its All-Star Game from Atlanta to Denver. But corporate America isnt necessarily moving away from the Republican Party and toward the Democrats. What youre doing is putting a perpetual motion machine called capitalism to drive this change. Moynihan was . A habit he swears by: Moynihan recommends that leaders look "out-in.". BOA has (un)distinguished itself as one of the key purveyors of ESG activism. And now its 10 percent, 12 percent. Scott noted the companys most infamous examples include leveraging its North Carolina headquarters to advocate against the states law protecting residents dignity in public bathrooms, race-conscious training programs it later tried to cover up and a flip-flop on election integrity laws in Georgia and elsewhere. Indiana University provides funding as a member of The Conversation US. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security, financial instrument, or strategy. Brian T. Moynihan AKA Brian Thomas Moynihan Born: 9-Oct - 1959 Birthplace: Marietta, OH Gender: Male Religion: Roman Catholic Race or Ethnicity: White Sexual orientation: Straight Occupation: Business Party Affiliation: Republican Nationality: United States Executive summary: CEO, Bank of America Wife: Susan Berry (three children) Indeed, the Republican tilt was evident in all regions and sectors. [22], In 2012, Moynihan, alongside several other CEO's, faced heavy criticism from Bernie Sanders in a report titled "Top Corporate Tax Dodgers". It just has to now be aligned more to make sure were achieving that in a balanced way. Can He Do More? Perhaps unsurprisingly, Moynihan went through some rather significant changes because of the Great Recession. Brian Moynihan - $5,979 in Political Contributions for 2020 CNBC Exclusive: CNBC Transcript: Bank of America Chair & CEO Brian This transcript has been edited for length and clarity. To a Spreadsheet or Other File Type. "[15] It was later reported that the failed fee plan led to a 20% increase in account closures during the last three months of 2011. Bank of America has not been involved in the preparation of the content supplied at the unaffiliated sites and does not guarantee or assume any responsibility for its content.
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