When hes not running Bank of America, Brian Moynihan is preaching the gospel of doing well by doing right. His father worked as a chemist while his grandfather was a lawyer. We are saying a flight that our investment banker or our commercial banker takes is a cost. By year end this year, were supposed to do it. Brian Moynihan is the CEO of Bank of America (BOA). First on CNBC: CNBC Transcript: Bank of America Chairman & CEO Brian In 2016, Bank of. And in recent years, CEOs of some of the largest U.S. companies have cited their personal values as their reason for speaking out on social issues. On the voting laws, a recent poll found that most people favor legislation that makes it easier to vote, not harder. As corporate America moves deeper into stakeholder capitalism, theres political and economic pushback: How is this good for the bottom line? And in recent years, CEOs of some of the largest U.S. companies have cited their own personal values as their reason for speaking out on social issues. 2023 Bank of America Corporation. July 14, 2021, Fox Business: Barron's Roundtable Brian T. Moynihan - NNDB Falls Church, VA --News Direct-- National Legal & Policy Center Bank of America 's annual meeting is scheduled for April 25, and shareholders will be asked to vote on a proposal that would increase. April 23 (UPI) -- There's a growing rift between corporate America and the GOP -- two groups that have long been bedfellows. Then in 2010, he was promoted to CEO of BoA after Ken Lewis stepped down.Currently, Moynihan is also the chairman of several other organizations, including the World Economic Forum International Business Council, The Financial Services Forum, and Bank Policy Institute. 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 . Apple CEO Tim Cook escorts US President Donald Trump as he tours Apple Computer plant in Austin, Texas. Fleet Boston Deputy General Counsel (1993-99) 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. The . 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. This site uses Akismet to reduce spam. 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. 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. Fleet Boston EVP, Regional Commercial Financial Services (2003-04) Applying neutrality conditions to BOAs too-big-to-fail status is the tool. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards. Were saying that if were net-zero, that that is a cost. Well be doing that the next few months. And Senate Minority Leader Mitch McConnell bluntly warned companies to stay out of politics though he later softened his tone. Suffice to say that Notre Dames Law School is one of the best in the United States, so it should come as no surprise to learn that Moynihan went on to become a lawyer. But the political, you know, the adage was that . The deal not only surprised the Fast Money traders on Thursday, it also caused them to question Moynihan's credibility. Ive been asked if Im a capitalist at congressional hearings and things like that. The CEO is the corporations top decider, which means his or her political leanings can filter into business decisions. Lets talk about diversity and inclusion. So the cost of carbon enables you to value that internal tax. Companies may be responding to research showing the benefits of listening to their employees and showing their voices matter. While I believe CEOs are partly responsible for the growing business-GOP divide, it's not the only factor driving it. The Full Guest List for the State Dinner - The New York Times The time is long before now, but certainly the sooner the better. Recent management research shows that companies with more liberal employees spend more resources on improving gender and race diversity and sustainability issues. Brian Thomas Moynihan (born October 9, 1959) is an American businessman and the Chairman and CEO of Bank of America. The industry wants a mandate for sustainable aviation fuel as a percentage of total fuel used. He chairs the World Economic Forums International Business Council, is a member of the Vatican Council for Inclusive Capitalism, and co-chair of the Sustainable Markets Initiative launched by Prince Charles. Certain links may direct you away from Bank of America to an unaffiliated site. Rather, the GOP seems to be doing the drifting, not only from corporate America, but the American public as well. We have a more stable workforce. [9] From 1999 to April 2004, he served as executive vice president, managing Fleet's brokerage and wealth management division. Daniel Patrick Moynihan: A Featured Biography - Senate She added while Jamie Dimon, JPMorgan Chase's CEO, received a $19 million raise in 2010, Moynihan's salary stayed level at $950,000. And, as Moynihan revealed and Scott chronicled, BOAs c-suite is wholly responsible for any damage wrought by the politicization of its business: For while Moynihan claims that his ESG interventions are simply encapsulations of the will of BOA stakeholders, he then quickly reveals that they are instead the personal policy preferences of the top people with which Moynihan has surrounded himself. What youre doing is putting a perpetual motion machine called capitalism to drive this change. Bank of America CEO Brian Moynihan has pushed an environmental, social and governance agenda since taking over in 2010. 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.. Such an approach was behind the company's moves during the pandemic to offer paid childcare to parents balancing remote work and . The people who ran the private equity firms are the people who form them, which means they generally arent diverse. Is that still on track? However, Moynihan said spending is still . 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. M. K. Chin is an assistant professor of management at Indiana University. The demand for newer and better has been moving faster and faster, and technology companies are, Read More The 10 Hottest Kickstarter Products of 2017Continue, Claudia Alende is a Brazilian model and businesswoman who you might recognize due to her incredible resemblance to Megan Fox. Went through Some Changes Because of the Great Recession, 9. [17], In July 2020, Moynihan was named Chief Executive Magazines 2020 CEO Of The Year. There were complaints from shareholders regarding the bank's mortgage servicing operations, decreased share prices, and other issues. Daniel Patrick Moynihan of New York left college teaching to address a larger public audience as an elected official. 12/$5,979. All quotes delayed a minimum of 15 minutes. 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. Corporate executives tend to follow public sentiment, as they want to minimize the risk of losing customers for their products and services. A skilled legislator, he excelled at both floor debate and committee negotiation. 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. 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. We believe that the principles of a free market, individual liberty and personal responsibility provide the greatest hope for meeting the challenges facing America in the 21st century. 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. Brian Moynihan and Susan Berry Henry R. Muoz III and Ariana DeBose Gov. Bank of America said it would begin reporting its financed emissions as soon as this year. Brian Moynihan is both the Chairman and the CEO of Bank of America. No. Moynihan was . 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. Bank of America Shareholders Asked to Increase Accountability for 'Woke Interestingly, he majored in history, which isnt exactly what would come to mind for most people considering his current career. As a management professor, I study how corporate executives values and political views affect the decisions they make on behalf of their companies. Are we seeing change? This transcript has been edited for length and clarity. This wouldve been fine if he hadnt been insistent that Bank of America didnt need an infusion of capital. Are CEOs influenced by their own political preferences when deciding whether and how to spend corporate funds on politics? Boycotts by several companies, including PayPal and the NCAA, led to a partial repeal in 2017. Travelers Aid Society Moynihan comes from Muimhneachin, which means a male individual who had a Munsterman for an ancestor at some point in his family tree. But this union has become increasingly strained in recent years over a range of social issues, particularly regarding LGBTQ rights. Carbon pricing is dead in Congress and President Joe Bidens social cost of carbon is being challenged in court. More than a decade ago, Bank of America CEO Brian Moynihan was one of a handful of bankers to write to Congress warning lawmakers how terrible it would be to default on the country's debt . Reporting by Dan Freed; Editing by Diane Craft. 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. And now its 10 percent, 12 percent. The push for more restrictive voter laws continues the battle over the election. Its not exactly political activism, but it is actions beyond business.. Until then, very few CEOs had made a public statement on the issue, according to my same-sex marriage research. Capitalism, development, yes, its good. BofA Lifts CEO Brian Moynihan's Pay 31% for 2021 to $32 Million Remember this key thing, if you believe that changes need to happen, it isnt going to happen by charity. He didnt mean to, Scott remarked, but he admitted it: stakeholder capitalism is a fraud, a pretense., Moynihan also seems to fail to notice he embodies the problem he claims to be fighting. 20 Countries With the Least Amount of Debt, The 10 Most Expensive Skateboards in the World, The 10 Best Ducati Motorcycles of All-Time. Download Brian Moynihan's biography (printable PDF format), YouTube:2022 World Citizen Award Dinner Honoring Brian Moynihan, Chair and CEO of Bank of America The issue is also the diversity of purchasing power. Brian Moynihan is the CEO of Bank of America (BOA). Read the original article. 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. https://www.thefamouspeople.com/profiles/brian-moynihan-49405.php. On the voting laws, a recent poll found that most people favor legislation that makes it easier to vote, not harder. However, that doesnt, Read More How Much Does It Cost to Attend a St. Louis Blues Game?Continue, Technology is an ever-changing world and if you dont keep up with it, you will quickly be left behind. You want those companies to declare net-zero, put a plan on the table. 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? His Credibility Was Called into Question in 2011, 10. Brian Moynihan. The debate over same-sex marriage is a good case in point. She quoted him as saying: "We struck a chord with customers that no one anticipated. The following year, he became President of BoAs Consumer and Small Business Banking (SBB). All companies are doing that and thats starting to take hold. Indiana University provides funding as a member of The Conversation US. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. If theyre really answering that question I think at the end of the day Bank of America will be fine, said Moynihan. In my own research, Ive found a CEOs political affiliation can affect how a company spends money. What is The $50 Million Blockchain Research Program? "[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. 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. Texas governor backed out of throwing the ceremonial first pitch at the Texas Rangers home opener. Brian Moynihan - $5,979 in Political Contributions for 2020 The following is a transcript of an interview with Bank of America CEO Brian Moynihan that aired Sunday, Dec. 4, 2022, on "Face the Nation." . Employees also play an important role driving corporate activism. All rights reserved. The close relationship between corporate America and the Republican Party dates back to the 1970s. While I believe CEOs are partly responsible for the growing business-GOP divide, its not the only factor driving it. He joined the Board of Directors, following his promotion to President and CEO in 2010. Brian Moynihan Biography - Facts, Childhood, Family Life & Achievements The CEO of Bank of America says that they're slowing down hiring For example, in 2015 many companies including Apple and Walmart denounced so-called religious freedom laws like one passed in Indiana that would allow businesses to discriminate against LGBTQ customers. It is and it isnt. Moynihan was put on the spot by billionaire investor Wilbur Ross at an annual fundraising dinner for the Japan Society in New York when he was asked about a possible Trump presidency. We have said its a straightforward thing. Bank of America reported record profits last year even as it upped spending on employee day care and mental health. Then society wants to hold them accountable. It has to now be aligned to what the world needs it to do in the next stage. A 2017 survey found that 89% of employees said theyd accept a reduced salary to work at a company whose values match their own. He is also one of the chief proponents of environmental, social and governance (ESG) policy how businesses justify their participation in politics as a muscle for left-wing causes. 10 Things You Didn't Know about Bank of America CEO Brian Moynihan Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsement. 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. 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. 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.". The following year there was a similar corporate backlash over North Carolinas ban on transgender individuals using public bathrooms. He is also the Chairman of The Financial Services Forum as well as a member of The National Museum of African American History & Culture. Edwards & Angell Staff Attorney (1984-1993) Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. But relatively few CEOs are staunchly liberal, so the impact of the CEO on this trend may be limited. 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." In my own research, I've found a CEO's political . He attended Brown University and graduated from there in 1981. [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? [16], Business Insider noted that "a group of law professors and activists from a non-profit called Public Citizen sent a 24 page petition to Fed Chairman Ben Bernanke and Treasury Secretary Geithner asking them to consider breaking up and reforming Bank of America. We may earn a commission from links on this page. Moynihan started working at Bank of America because of a merger. June 7, 2022, Bloomberg Equality Summit 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. Whatever the case, there can be no doubt about the fact that Moynihan is one of the most influential figures in the financial sector. 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. 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. Public support for allowing gay people to marry surpassed 50% for the first time in 2011 -- it's now at 67%. 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. Documentaries are incredible; they tell us true stories about a journey or event. Were going to advise those companies. Companies aren't drifting away from the Grand Old Party. He joined Merrill Lynch in 2008 from Goldman Sachs, just. [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. Meanwhile, Democrats are trying to capitalize on the fracture. To a Spreadsheet or Other File Type. Thats a modest mandate. Protesters converged outside the building, which they were barred from entering by police and metal barricades. We need to have a standardized cost of carbon. 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. The company went from like a 20 percent down to 15 percent turnover. 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. 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. Boycotts by several companies, including PayPal and the NCAA, led to a partial repeal in 2017. Member of the Board of Countrywide My research suggests there are three driving forces for this trend. Content contained herein may have been produced by an outside party that is not affiliated with Bank of America or any of its affiliates (Bank of America). April 5, 2022. Weve been investing in teammates, so it probably came up as a number one priority, frankly, in 2020, to keep the teammate safe and do everything we could to enable them to be safe. 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. On top of that, Moynihan was actually the co-captain of the rugby team as well. Brian Moynihan is His Own Worst Nightmare - The National Center Bank of America CEO calls for bipartisan push to study - CNN There $6 trillion or $7 trillion per year required to make these changes happen. 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. The industries with the strongest Republican preference were the energy, manufacturing, and chemical sectors. Instead, businesses are trying to make clear that their concerns are not partisan in nature. How is this capitalism? BOA has (un)distinguished itself as one of the key purveyors of ESG activism. 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. 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) 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. CNN Business exclusive: Bank of America CEO says a recession isn't in Like its name states, the project is meant to encourage universities to conduct R&D in relation to blockchain.
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