He is a multi-millionaire. Member of the Board of Anthracite Capital, Inc. A dispatch from the world of modern work. Bank of America CEO Brian Moynihan, left, has said companies need to 'do what's right.' Loren Matthew/AP Images for Bloomberg Global Business Forum CEOs doing 'what we think is right' Boys & Girls Clubs of America Kerry Victory 2004 National Republican Congressional Committee Sandhills PAC Company goals are aspirational and not guarantees or promises that all goals will be met. If theyre really answering that question I think at the end of the day Bank of America will be fine, said Moynihan. 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. Every company has said that. 3 min read. 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. Simply saying were not going to hold X or Y in our portfolio does not mean X or Y doesnt keep going on. Following is the unofficial transcript of a CNBC interview with Bank of America Chairman & CEO Brian Moynihan on CNBC's "Closing Bell" (M-F, 3PM-5PM ET) today, Wednesday, July 14 th. Meanwhile, Democrats are trying to capitalize on the fracture. Fleet Boston EVP, Brokerage and Wealth Management (1999-2004) 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. The 100-plus companies that signed a statement supporting voter rights and against bills that would restrict access emphasized this point. Perhaps unsurprisingly, Moynihan is a family name that sees widespread use in the counties of Cork and Kerry, which fall into said region. And now its 10 percent, 12 percent. Well be doing that the next few months. [10], On August 25, 2011, CNBC's Drew Sandholm noted that "[d]espite having recently told investors Bank of America doesn't need to raise capital, CEO Brian Moynihan will accept $5 billion in capital from famed investor Warren Buffett. Brian Moynihan. The close relationship between corporate America and the Republican Party dates back to the 1970s. Brian Moynihan and Susan Berry Henry R. Muoz III and Ariana DeBose Gov. According to the report, Moynihan's BoA did not pay federal income tax in 2010 despite making $4.4 billion in profits. Is that still on track? [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? Employees also play an important role driving corporate activism. Texas' governor backed out of throwing the ceremonial first pitch at the Texas Rangers' home opener. So, Read More What is The $50 Million Blockchain Research Program?Continue. 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. Perhaps unsurprisingly, Moynihan went through some rather significant changes because of the Great Recession. Ideology score: 4.9L. 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. Fleet Boston Deputy General Counsel (1993-99) Moynihan was . July 14, 2021, Fox Business: Barron's Roundtable As a management professor, I study how corporate executives' values and political views affect the decisions they make on behalf of their companies. See here for a complete list of exchanges and delays. 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. How is this capitalism? His father worked as a chemist while his grandfather was a lawyer. The study looked at campaign contributions by more than 3,800 CEOs of S&P 1500 companies between 2000 and 2017. The issue is also the diversity of purchasing power. 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. When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies. Thats a modest mandate. Trump, the presumptive Republican nominee for the 2016 presidential election, has faced criticism on a variety of issues, including his position on trade, immigration and foreign policy. They met as classmates at Brown University. 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.). Initially, Moynihan studied at Brown University. So the cost of carbon enables you to value that internal tax. If you make metrics part of the official sector, then you can see whos making progress. We may earn a commission from links on this page. 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. The couple has three children. On the voting laws, a recent poll found that most people favor legislation that makes it easier to vote, not harder. For example, he was put in charge of Merrill Lynch when Bank of America bought it in 2008. While I believe CEOs are partly responsible for the growing business-GOP divide, it's not the only factor driving it. CEOs who mostly donate to Democrats tend to spend more on their employees, community activities and environmental issues, regardless of their companys profitability. My research suggests there are three driving forces for this trend. To read all of Deconstructing Brian Moynihan at the Townhall website, click here. Brian Moynihan is the CEO of Bank of America (BOA). 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. 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. (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. 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. Edwards & Angell Staff Attorney (1984-1993) 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. Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as MLPF&S or Merrill) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (BofA Corp.). Brian is registered to vote in Lucas County, Ohio. He joined the board of directors, following his promotion to president and CEO in 2010. Our basic viewpoint, and I think the right basic viewpoint, is two or three things. What youre doing is putting a perpetual motion machine called capitalism to drive this change. Bank of America said it would begin reporting its financed emissions as soon as this year. 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.. Lets talk about diversity and inclusion. 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. Whats the thinking? Both male and female CEOs were more likely to be classified as Republicans, although the preference was stronger among the men than the women. Texas governor backed out of throwing the ceremonial first pitch at the Texas Rangers home opener. Ross, who is Chairman and Chief Strategy Officer at Invesco Ltd subsidiary WL Ross & Co, interviewed Moynihan on stage for 20 minutes as guests ate the first course of cold smoked fish. We are saying a flight that our investment banker or our commercial banker takes is a cost. The . Bank of America President, Global Wealth and Investment Mgt (2004-07) Brian Moynihan leads a team of more than 210,000 employees dedicated to making financial lives better for people, companies of every size, and institutional investors across the United States and around the world. Companies were also vocal during former President Donald Trump's presidency over such matters as his travel ban from Muslim-majority countries and his comments following the White supremacist rally in Charlottesville, Va. For some, it seemed like the role he and other Republicans played in laying the ground for the Jan. 6 insurrection at the Capitol may have been the last straw, as dozens of companies, including AT&T and Marriott, said they would cut off donations to the 147 Republicans who voted against certifying President Joe Biden's election. [14], On December 27, 2011, Julia LaRoche wrote in Business Insider that Moynihan "admitted the proposed $5 monthly fee for debit card users wasn't the best idea". The opposite of the genius of the and is being the chairman of the or profits or, shareholders or. Documentaries are incredible; they tell us true stories about a journey or event. But relatively few CEOs are staunchly liberal, so the impact of the CEO on this trend may be limited. [22], In 2012, Moynihan, alongside several other CEO's, faced heavy criticism from Bernie Sanders in a report titled "Top Corporate Tax Dodgers". We found 100 of them, we did $300-plus million in commitments to those funds. 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. Theres just not enough money. The company has been recognized as a leader in financial services, including on Forbes magazines list for Worlds Best Employers and Worlds Top Female-Friendly Companies as well as Fortune magazines list of Worlds Most Admired Companies and Best Companies to Work For. 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? That's right, the Wall Street banker who runs a firm . 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 . Philip Murphy, Democrat of New Jersey, and Tammy Murphy Bill Nelson, NASA administrator, and Grace Nelson Anne. A veteran of Wall Street, Montag is generally considered to be the most powerful executive at Bank of America below CEO Brian Moynihan. We need to have a standardized cost of carbon. All rights reserved. 6 on the company's proxy statement, which requests the . Nothings ever simple. That calculation uses the social cost of carbon in our case. In 2008, Moynihan was elected the CEO of Merrill Lynch after BoA acquired it. Shareholders Have Prospered. 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. Our turnover rate in 2021 was basically the same as it was in 2019. Member of the Board of BlackRock Moynihan participates in several organizations that focus on economic and market trends, including the World Economic Forums International Business Council Stakeholder Capitalism Metrics Initiative (chair), the Financial Services Forum, the Bank Policy Institute, the Business Roundtable, the Clearing House (chair), the American Heart Association CEO Roundtable (co-chair) and the Business Council. 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". Brian Moynihan was born on October 19, 1959, in Marietta, Ohio, USA. This practice has come under scrutiny from some shareholders. Those who are interested in seeing the St. Louis Blues play at the Enterprise Center should be happy to know that they arent one of the NHLs more expensive teams to watch. The company went from like a 20 percent down to 15 percent turnover. Talking about his love life, Moynihan is married to Susan E. Berry. Contribution Totals. In my own research, I've found a CEO's political affiliation can affect how a company spends money. 2008 Election Cycle. I have high confidence that the powers of office will be able to shape people into being whats good for America. In 1993, he joined Fleet Boston bank as a deputy general counsel. September 23, 2020, The David Rubenstein Show We have a more stable workforce. Then governments have to use their purchasing power. Remember this key thing, if you believe that changes need to happen, it isnt going to happen by charity. Companies may be responding to research showing the benefits of listening to their employees and showing their voices matter. Thats not fair. She added while Jamie Dimon, JPMorgan Chase's CEO, received a $19 million raise in 2010, Moynihan's salary stayed level at $950,000. Instead, businesses are trying to make clear that their concerns are not partisan in nature. And if you look at the small private equity firms, even larger ones, there are two basic holes. 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. Bank of America General Counsel (2008-09) It has to now be aligned to what the world needs it to do in the next stage. Companies aren't drifting away from the Grand Old Party. 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. But this union has become increasingly strained in recent years over a range of social issues, particularly regarding LGBTQ rights. When hes not running Bank of America, Brian Moynihan is preaching the gospel of doing well by doing right. 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. Its been unbelievable. Following a varied career as a social scientist, presidential aide, and ambassador, Moynihan came to the Senate in 1976 and served 24 years. 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. 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. Gender: MaleReligion: Roman CatholicRace or Ethnicity: WhiteSexual orientation: StraightOccupation: BusinessParty Affiliation: Republican, Nationality: United StatesExecutive summary: CEO, Bank of America, High School: Marietta High School, Marietta, OH (1977) University: Brown University (1981) Law School: JD, University of Notre Dame Law School (1984), Bank of America President and CEO (2010-) Later, Moynihan studied for a Juris Doctor at the University of Notre Dame, which is situated in the state of Indiana. 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. Download Brian Moynihan's biography (printable PDF format), YouTube:2022 World Citizen Award Dinner Honoring Brian Moynihan, Chair and CEO of Bank of America Brian Moynihan is both the Chairman and the CEO of Bank of America. When we say were net-zero, that effectively is an internal tax on our carbon usage. | Hannah McKay/Pool via AP, File. On the voting laws, a recent poll found that most people favor legislation that makes it easier to vote, not harder. Learn how you can help create a productive, creative, and compassionate work culture. 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. As corporate America moves deeper into stakeholder capitalism, theres political and economic pushback: How is this good for the bottom line? There were complaints from shareholders regarding the bank's mortgage servicing operations, decreased share prices, and other issues. Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsement. Rather, the GOP seems to be doing the drifting, not only from corporate America, but the American public as well. Bank of America President, Global Corporate and Investment Banking (2007-08) Until then, very few CEOs had made a public statement on the issue, according to my same-sex marriage research. And Senate Minority Leader Mitch McConnell bluntly warned companies to stay out of politics though he later softened his tone. M. K. Chin is an assistant professor of management at Indiana University. 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.. According to the report, Moynihan's Bank of America paid no federal income tax in 2010 and received a $1.9 billion tax refund despite making $4.4 billion in profits. The answer is, absolutely. We believe in the and. We have said its a straightforward thing. Meanwhile, Democrats are trying to capitalize on the fracture. Brian D Moynihan (age 53) is listed at 4114 Northmoor Rd Toledo, Oh 43606 and has no known political party affiliation. The following year there was a similar corporate backlash over North Carolina's ban on transgender individuals using public bathrooms. The debate over same-sex marriage is a good case in point. To a Spreadsheet or Other File Type. Were actually buying directly fuel that is zero emissions to replace fuel that would otherwise be burned for our teammates flight. Companies may be responding to research showing the benefits of listening to their employees and showing their voices matter. Were going to advise those companies. Of course, Munsterman refers to a person from the Irish region of Munster. 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. 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. Applying neutrality conditions to BOAs too-big-to-fail status is the tool. Ive been asked if Im a capitalist at congressional hearings and things like that. Thats for us to do so he can remain a master of the universe.. Recent management research shows that companies with more liberal employees spend more resources on improving gender and race diversity and sustainability issues. Moynihan talked with POLITICO about what the bank has been up to and what business needs from government to help it reach environmental goals. 12/$5,979. Daniel Patrick Moynihan of New York left college teaching to address a larger public audience as an elected official. This article is republished from The Conversation under a Creative Commons license. Write an article and join a growing community of more than 163,500 academics and researchers from 4,609 institutions. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards. Once popular opinion hit the halfway point, however, a lot more companies including ones led by conservative CEOs begin speaking out in favor. He later joined Bank of America (BoA) after it merged with FleetBoston Financial in 2004. Capitalism, development, yes, its good. Ultimately, if theyre facing a business challenge that they havent faced the past, who better educate them than their bank for 30 years, saying heres whats coming, heres how to think about it? My research suggests there are three driving forces for this trend. Our Standards: The Thomson Reuters Trust Principles. 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. The following year, he became President of BoAs Consumer and Small Business Banking (SBB). Surely you jest. But relatively few CEOs are staunchly liberal, so the impact of the CEO on this trend may be limited. But this union has become increasingly strained in recent years over a range of social issues, particularly regarding LGBTQ rights. 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. 20 Countries With the Least Amount of Debt, The 10 Most Expensive Skateboards in the World, The 10 Best Ducati Motorcycles of All-Time. For some, it seemed like the role he and other Republicans played in laying the ground for the Jan. 6, 2021, insurrection at the Capitol may have been the last straw, as dozens of companies including AT&T and Marriott said they would cut off donations to the 147 Republicans who voted against certifying President Joe Bidens election. He must be reined in. We talk about delivering on the genius of the and, which is we have to deliver for our shareholders and for society. Member of the Board of Countrywide He is a member of Federal Reserve Banks Federal Advisory Council, National Museum of African American History and Culture, and Brown University Corporation's Board of Fellows as well. 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. Whatever the case, there can be no doubt about the fact that Moynihan is one of the most influential figures in the financial sector. He also is a co-chair of the Steering Committee of the Council for Inclusive Capitalism and co-chair of the Sustainable Markets Initiative, which was founded by His Majesty King Charles III in his former role of His Royal Highness The Prince of Wales. Reporting by Dan Freed; Editing by Diane Craft. 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. The researchers also looked at how CEO political preferences differ by geography, based on the location of the company headquarters. 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.. 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. The CEO is the corporation's top decider, which means his or her political leanings can filter into business decisions. Rather, the GOP seems to be doing the drifting, not only from corporate America, but the American public as well. The industry wants a mandate for sustainable aviation fuel as a percentage of total fuel used. That is, they seem to believe it's simply the right thing to do. 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. Are our current environmental and equality woes a failing of capitalism? Getting X or Y to get greener on their steel production every year, or commitments made by the oil and gas industry not only their operations, but with carbon capture and storage and things that offset their emissions their change is actually the great change. Moynihan started working at Bank of America because of a merger. 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 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. 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.
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