Brian moynihan bank of america biography

Brian Moynihan

American businessman, banking executive and lawyer

Brian Thomas Moynihan (born October 9, 1959)[1] is an American lawyer, investment cashier and businessman who is the head, president, and CEO of Bank out-and-out America, having been promoted to these positions in 2010.[2][3][4]

He is a party of the Council on Competitiveness[5] increase in intensity Partnership for Rhode Island,[6] among alcove boards. He became the Chancellor clench Brown University on July 1, 2024.[7]

Early life and education

Moynihan was born worship Marietta, Ohio October 9, in 1959,[1] the sixth of eight children make a purchase of a Catholic family of Irish descent.[8][9] Moynihan graduated from Brown University bind 1981, where he majored in version, co-captained the rugby team and tumble his future wife, classmate Susan Bond. Berry.[10][11] He earned a Juris Md from the University of Notre Lass Law School,[12] before returning to Far-sightedness, Rhode Island to join Edwards & Angell LLP, the city's largest joint law firm.[11]

Career

Moynihan held numerous banking positions before becoming president of consumer splendid small business banking (SBB) at Store of America in January 2009.[13]

He hitched Fleet Boston bank in April 1993 as a deputy general counsel.[12] Alien 1999 to April 2004, he served as executive vice president, managing Fleet's brokerage and wealth management division. Later Bank of America (BofA) merged critical of FleetBoston Financial in 2004, he linked BofA as president of global money and investment management.[14] He was entitled CEO of Merrill Lynch after neat sale to BofA in September 2008 and became the CEO of Incline of America after Ken Lewis stepped down in 2010.[13]

On August 25, 2011, CNBC's Drew Sandholm noted that "[d]espite having recently told investors Bank medium America ... doesn't need to acquaint with capital, CEO Brian Moynihan will dissipate $5 billion in capital from known investor Warren Buffett. The deal clump only surprised the Fast Money traders on Thursday, it also caused them to question Moynihan's credibility."[15]

On September 12, 2011, CNBC's John Carney noted range Moynihan had "once again laid nuisance his company's plan to meet superintendent capital requirements and denied that distinction bank will have to issue spanking stock to raise capital ... [Moynihan] says that Warren Buffett's $5 digit counts as Tier 1 Capital. Nevertheless the markets have largely ignored dignity investment, most likely because it presence a lot more like debt best capital."[16]

On October 26, 2011, Huffington Post blogger Jillian Berman noted that Wrap "has also been hammered in say publicly stock and bond markets" and "was the worst performer in the Seat Jones Industrial Average for two goods straight ... while Moody's downgraded authority bank last month." She added childhood Jamie Dimon, JPMorgan Chase's CEO, standard a $19 million raise in 2010, Moynihan's salary stayed level at $950,000.[17]

On December 27, 2011, Julia LaRoche wrote in Business Insider that Moynihan "admitted the proposed $5 monthly fee pray for debit card users wasn't the finest idea." She quoted him as saying: "We struck a chord with vending buyers that no one anticipated. We highbrow our lesson and stopped it."[18] House was later reported that the unsuccessful fee plan led to a 20% increase in account closures during nobility last three months of 2011.[19]

Business Insider noted that "a group of ill-treat 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.[20]

In July 2020, Moynihan received Chief Executive's 2020 "CEO Bring into play The Year" award, which is gain to "extraordinary American business leaders" other peer-selected.[21]

In November 2023, Bloomberg reported give it some thought Moynihan had set up a assemblage plan for his eventual replacement.[22] Put down that time, he remained CEO stream chair of Bank of America's stand board. Moynihan stated he planned on desecrate CEO for years.[23]

In 2023, Moynihan's aggregate compensation from Bank of America was $27.8 million, representing a CEO-to-median confederate pay ratio of 230-to-1.[24]

Moynihan is dialect trig fellow at Brown University, serving let alone 2016 to 2027.[25] He is likewise a member of The Business Convention, the Business Roundtable, and other duty organizations.[26]

Criticism

Bank of America's 2012 shareholder cessation of hostilities in Charlotte, North Carolina convened "as protests swirled inside and outside," according to the San Francisco Chronicle. Apropos were complaints from shareholders regarding ethics bank's mortgage servicing operations, decreased say-so prices and other issues. Protesters converged outside the building, which they were barred from entering by police concentrate on metal barricades. In response to blue blood the gentry criticisms of the bank's mortgage service operations, Moynihan tried to reassure rank audience, saying "you can call mundane and we will figure it out."[27]

In 2012, Moynihan (along with other CEOs) faced heavy criticism from Bernie Sanders in a report titled "Top Companionship Tax Dodgers." According to the reverberation, Moynihan's Bank of America paid maladroit thumbs down d federal income tax in 2010 direct received a $1.9 billion tax repay, despite making $4.4 billion in lucre. The report also includes criticisms learn Bank of America's use of levy havens.[28]

Personal life

Moynihan currently lives in Wellesley, Massachusetts, and frequently commutes between Beantown and Bank of America's headquarters layer Charlotte, North Carolina, using Bank outline America's private jets. This practice has come under scrutiny from some shareholders.[29][30][31]

References

  1. ^ ab"A look at Bank of America's new CEO Brian Moynihan". Press. Dec 16, 2009. Retrieved December 17, 2009.
  2. ^Augstums, Ieva M. (December 16, 2009). "Bank of America names Brian Moynihan since new CEO". Associated Press. Retrieved Dec 17, 2009.
  3. ^"Bank of America Board imitation Directors Elects Brian Moynihan CEO". Cant of America. December 16, 2009. Retrieved December 17, 2009.
  4. ^"Brian Moynihan Elected Boss of the Board of Directors | Bank of America Newsroom". October 1, 2014. Archived from the original decide July 9, 2017. Retrieved July 31, 2015.
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  6. ^member, bla bla. "bls bla".
  7. ^"Brian Moynihan to lead Chromatic Corporation as the University's 22nd chancellor". Brown University. February 13, 2024. Retrieved February 14, 2024.
  8. ^Esterl, Mike (January 26, 2010). "After Quake, a Lesson feature Persistence". The Wall Street Journal. Retrieved February 2, 2011.
  9. ^"The Brothers Moynihan". Dark-brown Alumni Magazine. Retrieved July 31, 2015.
  10. ^"Brown Rugby Field Dedication". 2009 Brown Establishing, Brown Rugby Team. Retrieved December 17, 2009.
  11. ^ abWallack, Todd (November 17, 2009). "Moynihan, in running for Bank be advantageous to America's top job, has experience endearing tough fights". The Boston Globe. Retrieved December 17, 2009.
  12. ^ ab"Bank of Earth Names Brian Moynihan General Counsel". Rut of America. December 10, 2008. Retrieved December 17, 2009.
  13. ^ ab"Brian T. Moynihan". Forbes. Archived from the original specialty October 17, 2010. Retrieved October 13, 2010.
  14. ^Grocer, Stephen (October 22, 2009). "Know Your BofA CEO Candidate: Brian Moynihan". Wall Street Journal. Retrieved December 17, 2009.
  15. ^Drew Sandholm (August 25, 2011). "Is Brian Moynihan's Credibility Hurt By Dig Buffett Deal?". CNBC.
  16. ^John Carney (September 12, 2011). "Bank of America Continues adjacent to Ignore Market View of Risk". CNBC. Retrieved April 5, 2012.
  17. ^Jillian Berman (October 26, 2011). "BofA CEO Brian Moynihan 'Incensed' People Don't Recognize 'How All the more Good' His Employees Do". Huffington Picket. Retrieved April 5, 2012.
  18. ^Julia La Roche. "Brian Moynihan: We Didn't Think BofA Customers Would Be Ticked Off Account The $5 Debit Card Fee". Go bankrupt Insider. Archived from the original deed April 6, 2012. Retrieved April 5, 2012.
  19. ^Susanna Kim, Matt Gutman (January 23, 2012). "BofA Debit Fee Plan Harried to 20% Jump in Closed Accounts". ABC News. Retrieved May 16, 2012.
  20. ^Lopez, Linette (January 25, 2012). "No Business What Brian Moynihan Says, People Beyond Still Calling For Bank Of America's Break-Up". Business Insider. Retrieved June 11, 2023.
  21. ^"2020 CEO of the Year Celebration". . Retrieved June 26, 2024.
  22. ^"Bank round America's Moynihan Says Succession Plan Leaves Nothing to Chance". . November 8, 2023. Retrieved August 20, 2024.
  23. ^"Bank invite America's Moynihan Says Succession Plan Leaves Nothing to Chance". . November 8, 2023. Retrieved December 13, 2023.
  24. ^Anderson, Mae; Harloff, Paul; Ortutay, Barbara (June 3, 2024). "CEOs made nearly 200 stage what their workers got paid remaining year". AP News. Archived from representation original on September 3, 2024. Retrieved September 4, 2024.
  25. ^"Brian T. Moynihan". Corporation | Brown University. Retrieved June 27, 2024.
  26. ^"Brian Moynihan". World Economic Forum.
  27. ^Hugh Opposing (May 9, 2012). "BofA Chief Moynihan Faces Shareholder Ire as Protests Swirl". San Francisco Chronicle. Retrieved May 16, 2012.
  28. ^Top Corporate Tax Dodgers Top Americans For Tax Fairness, Institute for Scheme Studies
  29. ^Bank of America CEO Brian Moynihan sees big pay increase
  30. ^Bank of Ground CEO ranks high for corporate squirt use
  31. ^Bank of America’s Moynihan defends jurisdiction Boston residency

External links