Recent management research shows that companies with more liberal employees spend more resources on improving gender and race diversity and sustainability issues. And Senate Minority Leader Mitch McConnell bluntly warned companies to stay out of politics though he later softened his tone. Indeed, the Republican tilt was evident in all regions and sectors. 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. Then governments have to use their purchasing power. 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.). A dispatch from the world of modern work. Number one, our clients are making this transition and our job is to help them make it. The second thing is diverse companies werent getting the capital. Moynihan talked with POLITICO about what the bank has been up to and what business needs from government to help it reach environmental goals. Carbon pricing is dead in Congress and President Joe Bidens social cost of carbon is being challenged in court. In 2011, Moynihan accepted $5 billion in capital from Warren Buffet. April 5, 2022. 2023 Bank of America Corporation. Fleet Boston Deputy General Counsel (1993-99) 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, 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. The idea is to produce for all of them. In 2012, Moynihan was one of the CEOs who were criticized by Senator Bernie Sanders, who was taking aim at what he called corporate tax dodgers. Essentially, Sanders was displeased that Bank of America didnt just pay no income tax but also received $1.9 billion in a tax refund for 2010 even though said corporation had made $4.4 billion in profit in that same year. And Senate Minority Leader Mitch McConnell bluntly warned companies to "stay out of politics" -- though he later softened his tone. [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 industry wants a mandate for sustainable aviation fuel as a percentage of total fuel used. In the environmental world, it has to be a just transition, we have to have energy so all countries can grow and prosper. It is and it isnt. As a management professor, I study how corporate executives' values and political views affect the decisions they make on behalf of their companies. Rather, the GOP seems to be doing the drifting, not only from corporate America, but the American public as well. He is also the Chairman of The Financial Services Forum as well as a member of The National Museum of African American History & Culture. 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. His father worked as a chemist while his grandfather was a lawyer. 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. Brian Thomas Moynihan (born October 9, 1959) is an American businessman and the Chairman and CEO of Bank of America. 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. I have high confidence that the powers of office will be able to shape people into being whats good for America. Were actually buying directly fuel that is zero emissions to replace fuel that would otherwise be burned for our teammates flight. 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. 20 Countries With the Least Amount of Debt, The 10 Most Expensive Skateboards in the World, The 10 Best Ducati Motorcycles of All-Time. 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. Talking about his love life, Moynihan is married to Susan E. Berry. 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. Shareholders Have Prospered. 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. 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. Some politicians and governments just dont buy that. In 2012, a report titled "Top Corporate Tax Dodgers" was issued in which Moynihan alongside many other CEOs was criticized by Senator Bernie Sanders. His Credibility Was Called into Question in 2011, 10. 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 . Read More The Top 20 Grossing Documentaries of All-TimeContinue, Alexander, or Alex, Austin is the CEO of Branch Metrics. 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". He joined the board of directors, following his promotion to president and CEO in 2010. The 100-plus companies that signed a statement supporting voter rights and against bills that would restrict access emphasized this point. Brian Moynihan Has Run Bank of America Conservatively. 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.. 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. In my own research, Ive found a CEOs political affiliation can affect how a company spends money. 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. January 10, 2020. And now its 10 percent, 12 percent. Boycotts by several companies, including PayPal and the NCAA, led to a partial repeal in 2017. Travelers Aid Society 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. 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. 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. 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. [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. 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. Then society wants to hold them accountable. Perhaps unsurprisingly, Moynihan went through some rather significant changes because of the Great Recession. 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. Certain links may direct you away from Bank of America to an unaffiliated site. What we need is some help. Whatever the case, there can be no doubt about the fact that Moynihan is one of the most influential figures in the financial sector. We started this a long time ago to drop employee churn and have people be more career-oriented. Moynihan comes from Muimhneachin, which means a male individual who had a Munsterman for an ancestor at some point in his family tree. Company goals are aspirational and not guarantees or promises that all goals will be met. Every company has said that. Our diverse supply chain buying produces contracts for diverse suppliers, $2 billion-plus a year now. 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. It will not happen otherwise. A skilled legislator, he excelled at both floor debate and committee negotiation. [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. Brian Moynihan is an American businessman who currently serves as the CEO and Chairman of Bank of America, a Fortune 500 company listed by the 'Forbes' magazine as one of the Best Workplaces for Diversity. Our turnover rate in 2021 was basically the same as it was in 2019. However, Moynihan said spending is still . Fleet Boston EVP, Brokerage and Wealth Management (1999-2004) Yet corporations, including yours, are putting their own prices on carbon to guide decision making. Member of the Board of Countrywide 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. 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. Your bank and other large companies are spending gigantic sums of money to get capital into underserved communities. 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. He later joined Bank of America (BoA) after it merged with FleetBoston Financial in 2004. Brian Thomas Moynihan (born October 9, 1959) is an American investment banker, businessman and the chairman and CEO of Bank of America. The deal not only surprised the Fast Money traders on Thursday, it also caused them to question Moynihan's credibility. article ul li { list-style: disc; padding: 5px 0; } He joined the Board of Directors, following his promotion to President and CEO in 2010. Bank of America, N.A. Its not exactly political activism, but it is actions beyond business.. 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-)