The binary decision of invest-not invest, lend-not lend, do business with or not do business with that doesnt change the behavior of those companies. The push for more restrictive voter laws continues the battle over the election. To read all of Deconstructing Brian Moynihan at the Townhall website, click here. Bank of America CEO Brian Moynihan says leaders should look 'out-in Number one, our clients are making this transition and our job is to help them make it. [8], Moynihan held numerous banking positions before becoming president of consumer and small business banking (SBB) at Bank of America in January 2009. He talked with POLITICO last week about what the bank has been up to, what business needs from government to help it reach environmental goals, and the genius of the and.. He joined the board of directors, following his promotion to president and CEO in 2010. Documentaries are incredible; they tell us true stories about a journey or event. This transcript has been edited for length and clarity. Why have we not seen better results? Moynihan works with public officials, businesses and civic leaders at the local level through his participation on the Charlotte Executive Leadership Council, the Massachusetts Competitive Partnership (chair) and the Partnership for Rhode Island. 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. It will not happen otherwise. 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. The debate over same-sex marriage is a good case in point. A veteran of Wall Street, Montag is generally considered to be the most powerful executive at Bank of America below CEO Brian Moynihan. 2020 Transaction Count/Amount. Ive made it my personal practice--because when you run a big company--I do not say candidate A versus candidate B but what I think we need as we think about transition is we need a leader for the whole country, Moynihan said. Republican CEOs, on the other hand, tend to tie spending on outside issues to financial performance, reflecting the notion that companies are responsible to shareholders first and foremost. [5][6] Moynihan graduated from Brown University in 1981, where he majored in history, co-captained the rugby team, and met his future wife, classmate Susan E. Thats 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. February 6, 2020, Bloomberg Markets and Finance Bank of America CEO, Banc of America Securities LLC (2008-09) In 2014, Alende participated in the Miss Bumbum and finished as vice champion, losing to, Read More Claudia Alende Gives a Five Point Plan for SuccessContinue. Since being named CEO in 2010, Moynihan has pushed an environmental, social and governance agenda that seems to be working for shareholders. The alliance has arguably been quite a success for Big Business. 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) On a one-, three-, five-, 10-year stock price performance basis, we have produced for the shareholder at the same time weve produced for our communities and our employees and our customers. 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. Surely you jest. We found 100 of them, we did $300-plus million in commitments to those funds. 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. To some people, he is best-known for the streamlining of Bank of America in the wake of the Great Recession, which has put the financial institution on a much more solid foundation. Were actually buying directly fuel that is zero emissions to replace fuel that would otherwise be burned for our teammates flight. M. K. Chin does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment. M. K. Chin is an assistant professor of management at Indiana University. Moynihan was . 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? Moynihan serves as chair of the companys Global Diversity and Inclusion Council and is a member of the museum council for the Smithsonians National Museum of African American History and Culture. But this union has become increasingly strained in recent years over a range of social issues, particularly regarding LGBTQ rights. Until then, very few CEOs had made a public statement on the issue, according to my same-sex marriage research. You and others have been doing this sort of thing for some time. Thats a modest mandate. 20 Countries With the Least Amount of Debt, The 10 Most Expensive Skateboards in the World, The 10 Best Ducati Motorcycles of All-Time. Corporate executives tend to follow public sentiment, as they want to minimize the risk of losing customers for their products and services. His past roles also include those of the director and president of Global Wealth at FIA Card Services NA, director of The Boys & Girls Clubs of Boston, Inc., vice chairman of The Kennedy Center Corporate Fund and chairman of The Financial Services Roundtable. Are we seeing change? But there are certain industries that didnt have the diversity record of the financial services industry, for example. The idea is to produce for all of them. Are CEOs influenced by their own political preferences when deciding whether and how to spend corporate funds on politics? Brian Moynihan - $5,979 in Political Contributions for 2020 Public opinion is another factor likely driving the growing rift with the GOP. In short, what happened was that Moynihan was an executive at FleetBoston Financial, which winded up merging with Bank of America in 2004. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards. He joined the board of directors, following his promotion to president and CEO in 2010. But, another study from 2018, which examined public statements in national media, on Twitter, and in corporate transcripts, concluded that CEO activism is a fairly limited practice and dominated by a few vocal outliers. Indeed, CEO activism is a double-edged swordin a public role, where you need to build loyalty with with employees, customers, and investors, political stances that can attract some can easily alienate others. Bank of America CEO: We're preparing for possible debt default - CNN We learned our lesson and stopped it. Republicans reacted furiously and warned of retribution, including eliminating tax breaks for companies taking a stand on the issue. 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. In 2011, Moynihan accepted $5 billion in capital from Warren Buffet. According to the report, Moynihan's BoA did not pay federal income tax in 2010 despite making $4.4 billion in profits. In the Northeast and in the West, Republican CEOs outnumber Democratic CEOs by less than 2-to-1, while Republican CEOs are about seven times as numerous as Democratic CEOs in both the Midwest and South. Garrett by trade is a personal finance freelance writer and journalist. Thats enabled those people to get funds from other people because people said if its good enough for Bank of America, well come in and help. This wouldve been fine if he hadnt been insistent that Bank of America didnt need an infusion of capital. Meanwhile, Democrats are trying to capitalize on the fracture. Assistant Professor of Management, Indiana University. My research suggests there are three driving forces for this trend. The push for more restrictive voter laws continues the battle over the election. He joined Merrill Lynch in 2008 from Goldman Sachs, just. 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. Daniel Patrick Moynihan of New York left college teaching to address a larger public audience as an elected official. 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. In 1993, he joined Fleet Boston bank as a deputy general counsel. Bank of America reported record profits last year even as it upped spending on employee day care and mental health. April 23 (UPI) -- There's a growing rift between corporate America and the GOP -- two groups that have long been bedfellows. Bank of America Shareholders Asked to Increase Accountability for 'Woke Brian D Moynihan from Toledo, Ohio | VoterRecords.com 2023 The National Center for Public Policy Research, Conservative Shareholder Activists Present Proposals Addressing Abortion, DEI and Fossil Fuels, Horace Cooper: Kamala Harris Is the Most Incompetent Vice President Ever, Introducing the 2023 Corporate Incest Chart. So, Read More What is The $50 Million Blockchain Research Program?Continue. He attended Brown University and graduated from there in 1981. Applying neutrality conditions to BOAs too-big-to-fail status is the tool. Moynihan talked with POLITICO about what the bank has been up to and what business needs from government to help it reach environmental goals. And more recently, it has become even more critical for companies to consider public sentiment when deciding whether to take a stand on a hot-button issue. Indiana University provides funding as a member of The Conversation US. Weve got to say it isnt fair for developed countries to say, Hey, we did this by fossil fuel burning to make electricity so we can become a prosperous nation. You cant do that. Republicans reacted furiously and warned of retribution, including eliminating tax breaks for companies taking a stand on the issue. Some politicians and governments just dont buy that. My research suggests there are three driving forces for this trend. Brian Moynihan, chief executive officer of Bank of America Corp., during a Bloomberg Television interview on day three of the World Economic Forum (WEF) in Davos, Switzerland, on Thursday, Jan. 19 . There were complaints from shareholders regarding the bank's mortgage servicing operations, decreased share prices, and other issues. On the voting laws, a recent poll found that most people favor legislation that makes it easier to vote, not harder. They met as classmates at Brown University. It basically provides a deep linking, Read More 10 Things You Didnt Know about Alexander AustinContinue, The cryptocurrency firm called Ripple has put up $50 million for the University Blockchain Research Initiative. Brian Moynihan was born on October 19, 1959, in Marietta, Ohio, USA. POLITICO Q&A: Bank of America CEO Brian Moynihan Rather, the GOP seems to be doing the drifting, not only from corporate America, but the American public as well. Yet corporations, including yours, are putting their own prices on carbon to guide decision making. Brian Moynihan is both the Chairman and the CEO of Bank of America. Then society wants to hold them accountable. Its not exactly political activism, but it is actions beyond business.. The alliance has arguably been quite a success for Big Business. While public companies are not required to disclose their corporate political spending, the researchers found that Republican CEOs were less likely to make the political spending of their companies transparent to investors. 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.. Bank of America does not assume liability for any loss or damage resulting from anyone's reliance on the information provided. Bank of America Corp. increased Chief Executive Officer Brian Moynihan's pay by 31% last year after the lender posted record profits. Whats the thinking? While I believe CEOs are partly responsible for the growing business-GOP divide, its not the only factor driving it. Is that still on track? Bank of America CEO Brian Moynihan After robust growth in 2018, Bank of America's customers have decelerated spending this year to pre-tax-cut levels. Similarly, a 2019 study found that companies are more likely to concede to activists demands over issues like reducing carbon emissions and increasing front-line workers pay when they have a more liberal workforce. Corporate executives tend to follow public sentiment, as they want to minimize the risk of losing customers for their products and services. 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. Talking about his love life, Moynihan is married to Susan E. Berry. Advertisement In response to the criticisms of the bank's mortgage servicing operations, Moynihan tried to reassure the audience, saying "you can call us and we will figure it out". She quoted him as saying: "We struck a chord with customers that no one anticipated. Moynihan was born in Marietta, Ohio in 1959, the sixth of eight children in a Catholic family of Irish descent. We dont need money from governments, frankly. Interestingly, even liberal CEOs said very little until 2011, including those who already provided employees with domestic partner benefits. Lets talk about diversity and inclusion. Brian Thomas Moynihan (born October 9, 1959)[1] is an American investment banker, businessman and the chairman and CEO of Bank of America. Net-zero for them doesnt mean the cars emissions. The second thing is diverse companies werent getting the capital. Brian Moynihan. Companies provided financial support to conservative war chests and in return received business-friendly policies like reduced corporate taxes and regulations. Public opinion is another factor likely driving the growing rift with the GOP. Member FDIC.Equal Housing Lender Brian Moynihan is His Own Worst Nightmare - The National Center 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? As a management professor, I study how corporate executives values and political views affect the decisions they make on behalf of their companies. "[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. Its been unbelievable. He joined the board of directors, following his promotion to president and CEO in 2010. Here are the five most liberal CEOs, according to the firm's rankings: 5. Ideology score: 4.9L. That calculation uses the social cost of carbon in our case. Brian D Moynihan (age 53) is listed at 4114 Northmoor Rd Toledo, Oh 43606 and has no known political party affiliation. Republicans in states across the country cite alleged fraud in the 2020 election despite no evidence that any occurred as the impetus behind their push. Transcript: Bank of America CEO Brian Moynihan on "Face the Nation That is, they seem to believe its simply the right thing to do. As Bank of America CEO Brian Moynihan told The Wall Street Journal in 2016, Our jobs as CEOs now include driving what we think is right.. 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. This practice has come under scrutiny from some shareholders. A habit he swears by: Moynihan recommends that leaders look "out-in.". Initially, Moynihan studied at Brown University. [2][3][4], Moynihan was born in Marietta, Ohio October 9, in 1959,[1] the sixth of eight children in a family of Irish descent. He is a multi-millionaire. These materials are for informational purposes only. 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. Nothings ever simple. I believe a closer look at the three main factors especially the role of workers and the public behind the growth in corporate activism suggests something else. Brian Moynihan and Susan Berry Henry R. Muoz III and Ariana DeBose Gov. 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. But the markets have largely ignored the investment, most likely because it looks a lot more like debt than capital. The lack of full disclosure makes it harder to say. Every company has said that. Why corporate America appears to be drifting away from the Republican Party Insurance and annuity products are offered through Merrill Lynch Life Agency Inc. (MLLA), a licensed insurance agency and wholly-owned subsidiary of BofA Corp. Investment products offered through MLPF&S and insurance and annuity products offered through MLLA: Bank of America" is the marketing name for the global banking and global markets business of Bank of America Corporation. MLPF&S is a registered broker-dealer, registered investment adviser, MemberSIPCand a wholly owned subsidiary of BofA Corp. Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, and a wholly-owned subsidiary of Bank of America Corporation (BofA Corp.). Your bank and other large companies are spending gigantic sums of money to get capital into underserved communities. We are saying a flight that our investment banker or our commercial banker takes is a cost. BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Ive been asked if Im a capitalist at congressional hearings and things like that. Weve got to ensure the planes are flying on SAF or buy equivalents, which is what were doing. Similarly, a 2019 study found that companies are more likely to concede to activists' demands over issues like reducing carbon emissions and increasing front-line workers' pay when they have a more liberal workforce. 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. What youre doing is putting a perpetual motion machine called capitalism to drive this change. We went out to solicit local markets and said, give us funds that are run by diverse entrepreneurs, women, Asian, Black, Hispanic, Native American. Brian Moynihan - Bank of America Well be doing that the next few months. We have said its a straightforward thing. 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. 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. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Companies aren't drifting away from the Grand Old Party. 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The company has been ranked three times on LinkedIns Top 50 Companies in the U.S. list, and also is recognized annually as a top employer by Working Mother, LATINA Style, Black Enterprise, Military Times and U.S Veterans Magazine. Read More The Top 20 Grossing Documentaries of All-TimeContinue, Alexander, or Alex, Austin is the CEO of Branch Metrics.