https://www.thefamouspeople.com/profiles/brian-moynihan-49405.php. But this union has become increasingly strained in recent years over a range of social issues, particularly regarding LGBTQ rights. In 2011, Moynihan accepted $5 billion in capital from Warren Buffet. Certain links may direct you away from Bank of America to an unaffiliated site. Are we seeing change? Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Theres just not enough money. Governments could try to regulate it. 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. 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. The opposite of the genius of the and is being the chairman of the or profits or, shareholders or. His father worked as a chemist while his grandfather was a lawyer. Of course, Munsterman refers to a person from the Irish region of Munster. 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.). 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. 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 result, he became an executive at Bank of America as well, having been put in charge of global wealth and investment management. Garrett by trade is a personal finance freelance writer and journalist. 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 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. Such an approach was behind the company's moves during the pandemic to offer paid childcare to parents balancing remote work and . 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. 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). In 2019, Bank of America was the only financial services company on Fortune magazine's list of The Best Big Companies to Work For . 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. Boycotts by several companies, including PayPal and the NCAA, led to a partial repeal in 2017. His Credibility Was Called into Question in 2011, 10. Mr. Moynihan earned $32 million in 2021, which includes $1.5 . Were going to advise those companies. Following is the unofficial transcript of a CNBC exclusive interview with Bank of America Chair & CEO Brian Moynihan on CNBC's "Mad Money" (M-F, 6PM-7PM ET) today, Tuesday, April 19 th. Here are 10 things that you may or may not have known about Brian Moynihan: When used as a personal name, Brian is both Irish and Breton in origin. 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. 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. The views and opinions expressed in this commentary are solely those of the author. 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. But the markets have largely ignored the investment, most likely because it looks a lot more like debt than capital. 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. While I believe CEOs are partly responsible for the growing business-GOP divide, its not the only factor driving it. The 10 Hottest Kickstarter Products of 2017, Claudia Alende Gives a Five Point Plan for Success, The Top 20 Grossing Documentaries of All-Time, 10 Things You Didnt Know about Alexander Austin. Travelers Aid Society 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. Shareholders Have Prospered. 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. 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 most liberal and conservative CEOs - Yahoo Finance Lets talk about diversity and inclusion. 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 100-plus companies that signed a statement supporting voter rights and against bills that would restrict access emphasized this point. But there are certain industries that didnt have the diversity record of the financial services industry, for example. Are our current environmental and equality woes a failing of capitalism? A veteran of Wall Street, Montag is generally considered to be the most powerful executive at Bank of America below CEO Brian Moynihan. Researchers at Harvard Law School and Tel Aviv University found that CEOs of the 1,500 largest US public companies donate disproportionately more to the Republican party and its candidates, with the median CEO directing 75% of his or her political contributions to Republicans. 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.. 3 min read. Its not exactly political activism, but it is actions beyond business.. Its been unbelievable. So, looking through an ESG lens, Bank of America has seen the light? The close relationship between corporate America and the Republican Party dates back to the 1970s. Public opinion is another factor likely driving the growing rift with the GOP. We may earn a commission from links on this page. Bank of America reported record profits last year even as it upped spending on employee day care and mental health. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards. [11] He was named CEO of Merrill Lynch after its sale to BoA in September 2008, and became the CEO of Bank of America after Ken Lewis stepped down in 2010. [10], He joined Fleet Boston bank in April 1993 as a deputy general counsel. Eventually, Moynihan went to work as a lawyer in the financial sector. It just wont happen. Political donations by US CEOs show strong Republican leanings - Quartz 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. 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. How Much Does It Cost to Attend a St. Louis Blues Game? 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. Simply saying were not going to hold X or Y in our portfolio does not mean X or Y doesnt keep going on. Brian Moynihan - $17,099 in Political Contributions for 2008 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. 2008 Election Cycle. Net-zero for them doesnt mean the cars emissions. 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. Remember this key thing, if you believe that changes need to happen, it isnt going to happen by charity. 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. 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. [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. 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. He attended Brown University and graduated from there in 1981. 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. 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. Republicans reacted furiously and warned of retribution, including eliminating tax breaks for companies taking a stand on the issue. Bank of America reported record profits last year even as it upped spending on employee day care and mental health. Number one, our clients are making this transition and our job is to help them make it. M. K. Chin is an assistant professor of management at Indiana University. 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. Read the original article. He then went on to earn a Juris Doctor from the prestigious University of Notre Dame Law School. Bank of America CEO, Banc of America Securities LLC (2008-09) 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. In 2012, a report titled "Top Corporate Tax Dodgers" was issued in which Moynihan alongside many other CEOs was criticized by Senator Bernie Sanders. Initially, Moynihan studied at Brown University. [19][20][21], The bank's 2012 shareholder meeting in Charlotte, North Carolina convened "as protests swirled inside and outside", according to the San Francisco Chronicle. It is old enough that no one is sure of its meaning, but the most popular line of speculation is that it means something along the lines high, noble, or exalted. Brian is a very popular name in Ireland, not least because of the celebrated Brian Boru. 2023 Bank of America Corporation. Bank of America CEO calls for bipartisan push to study - CNN Thats for us to do so he can remain a master of the universe.. 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 . This site uses Akismet to reduce spam. Bank of America CEO Brian Moynihan has pushed an environmental, social and governance agenda since taking over in 2010. Learn how your comment data is processed. 6 on the company's proxy statement, which requests the . Perhaps unsurprisingly, Moynihan went through some rather significant changes because of the Great Recession. 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. 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 Biography, Age, Height, Wife, Net Worth, Family The lack of full disclosure makes it harder to say. 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. 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' Write an article and join a growing community of more than 163,500 academics and researchers from 4,609 institutions.

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