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. The 100-plus companies that signed a statement supporting voter rights and against bills that would restrict access emphasized this point. They met as classmates at Brown University. [9] From 1999 to April 2004, he served as executive vice president, managing Fleet's brokerage and wealth management division. Bank of America CEO Brian Moynihan on how he plans to trim its - CNBC Bank of America said it would begin reporting its financed emissions as soon as this year. We learned our lesson and stopped it. Rather, the GOP seems to be doing the drifting, not only from corporate America, but the American public as well. 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. Member of the Board of Anthracite Capital, Inc. We went out to solicit local markets and said, give us funds that are run by diverse entrepreneurs, women, Asian, Black, Hispanic, Native American. Republicans reacted furiously and warned of retribution, including eliminating tax breaks for companies taking a stand on the issue. 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.. Bank of America reported record profits last year even as it upped spending on employee day care and mental health. Are CEOs influenced by their own political preferences when deciding whether and how to spend corporate funds on politics? 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. [8], Moynihan held numerous banking positions before becoming president of consumer and small business banking (SBB) at Bank of America in January 2009. Net-zero for them doesnt mean the cars emissions. You regularly award stock to rank-and-file employees at a cost of $3.3 billion so far and your hourly minimum wage is now $21, up from $15 in 2017. Garrett by trade is a personal finance freelance writer and journalist. 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. 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. https://www.thefamouspeople.com/profiles/brian-moynihan-49405.php. February 6, 2020, Bloomberg Markets and Finance We are saying a flight that our investment banker or our commercial banker takes is a cost. [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. Learn how your comment data is processed. He must be reined in. Ideology score: 4.9L. Washington, D.C. Shareholder activists with the National Center for Public Policy Researchs Free Enterprise Project (FEP) will present proposals at eight shareholder meetings this , On the Fox News Channel program The Ingraham Angle, Project 21 Chairman Horace Cooper and host Laura Ingraham marveled at the incompetence of Vice President , Why is James Quincey, the CEO of Coca-Cola, also on Pfizers Board of Directors? asked Free Enterprise Project Associate Ethan Peck in a recent Human . Bank of America, N.A. All in all, Scott concluded that this is a case of the pot calling the kettle black: Brian Moynihan is a messianic menace, who has become a billionaire running a too-big-to-fail bank, and who now wants to use that bank and its owners and clients assets to constrain and diminish the lives of his guarantors (American taxpayers) while he remains a master of the universe. Brian Moynihan - $5,979 in Political Contributions for 2020, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions 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. A 2017 survey found that 89% of employees said theyd accept a reduced salary to work at a company whose values match their own. Employees also play an important role driving corporate activism. Boycotts by several companies, including PayPal and the NCAA, led to a partial repeal in 2017. They also found that Republican-leaning CEOs lead companies with almost twice the asset value of companies led by Democratic-leaning executives. Then governments have to use their purchasing power. Instead, businesses are trying to make clear that their concerns are not partisan in nature. 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? All quotes delayed a minimum of 15 minutes. For example, he was put in charge of Merrill Lynch when Bank of America bought it in 2008. Brian Moynihan Has Run Bank of America Conservatively. You and others have been doing this sort of thing for some time. Bank of America CEO Brian Moynihan's debt default fears | Fortune Were not seeing the kind of turnover that you read about because of a long-term investment. CNBC Exclusive: CNBC Transcript: Bank of America Chair & CEO Brian 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. [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. Certain links may direct you away from Bank of America to an unaffiliated site. Indiana University provides funding as a member of The Conversation US. Trump presidency? Bank of America CEO Moynihan says company - Reuters Until then, very few CEOs had made a public statement on the issue, according to my same-sex marriage research. Brian Moynihan - $5,979 in Political Contributions for 2020 In the past, Moynihan has also worked for Travelers Aid Society of Rhode Island, Countrywide Bank, and LaSalle Bank Midwest NA. 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. Meanwhile, Democrats are trying to capitalize on the fracture. 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. Companies arent drifting away from the Grand Old Party. Bank of America President, Global Corporate and Investment Banking (2007-08) Bank of America does not assume liability for any loss or damage resulting from anyone's reliance on the information provided. Bank of America executive emerges as big Republican donor | Charlotte When hes not running Bank of America, Brian Moynihan is preaching the gospel of doing well by doing right. Brian Moynihan - Council for Inclusive Capitalism The debate over same-sex marriage is a good case in point. The alliance has arguably been quite a success for Big Business. 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. Bank of America Shareholders Asked to Increase Accountability for 'Woke Governments could try to regulate it. 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. He joined Merrill Lynch in 2008 from Goldman Sachs, just. On the voting laws, a recent poll found that most people favor legislation that makes it easier to vote, not harder. That is, they seem to believe its simply the right thing to do. 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 . Bank of America was named Worlds Best Bank by Euromoney magazine as well as Americas Most JUST Company by JUST Capital in 2022. In my own research, Ive found a CEOs political affiliation can affect how a company spends money. Scott explained theres a lot for BOA to lose for Moynihan, his employees, his customers and his investors: He and his brain trust may want to pay careful attention to the fact that in BOAs home state of North Carolina a jury justawardeda hospital-industry executive $10 million for having been discriminated against because he was white. However, Moynihan said spending is still . Brian Moynihan is the CEO of Bank of America (BOA). Shareholders Have Prospered. It basically provides a deep linking, Read More 10 Things You Didnt Know about Alexander AustinContinue, The cryptocurrency firm called Ripple has put up $50 million for the University Blockchain Research Initiative. Are we seeing change? Its a virtuous circle. The industry wants a mandate for sustainable aviation fuel as a percentage of total fuel used. CEOs who mostly donate to Democrats tend to spend more on their employees, community activities and environmental issues, regardless of their companys profitability. 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. 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. We talk about delivering on the genius of the and, which is we have to deliver for our shareholders and for society. 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. The most liberal and conservative CEOs - Yahoo Finance 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. Whats the thinking? That can create the market to create the factories to produce the SAF. He later joined Bank of America (BoA) after it merged with FleetBoston Financial in 2004. Download all contribution records for this person. 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? 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' Brian is registered to vote in Lucas County, Ohio. 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. So, looking through an ESG lens, Bank of America has seen the light? Public opinion is another factor likely driving the growing rift with the GOP. In the Northeast and in the West, Republican CEOs outnumber Democratic CEOs by less than 2-to-1, while Republican CEOs are about seven times as numerous as Democratic CEOs in both the Midwest and South. 12/$5,979. Employees also play an important role driving corporate activism. All companies are doing that and thats starting to take hold. 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. "We have . April 5, 2022. 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. 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. But corporate America isnt necessarily moving away from the Republican Party and toward the Democrats. Member of the Board of Bank of America (2010-) In 2016, Bank of. Other research shows engagement in social activities like protecting the environment leads to less employee turnover. Brian Moynihan. The National Center for Public Policy Research is a communications and research foundation supportive of a strong national defense and dedicated to providing free market solutions to todays public policy problems. 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. Like its name states, the project is meant to encourage universities to conduct R&D in relation to blockchain. 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. On top of that, Moynihan was actually the co-captain of the rugby team as well. Bank of America President, Global Wealth and Investment Mgt (2004-07) 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) When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies. Mr. Moynihan earned $32 million in 2021, which includes $1.5 . [Get the best of The Conversation, every weekend. Berry. This transcript has been edited for length and clarity. The lack of full disclosure makes it harder to say. Later, Moynihan studied for a Juris Doctor at the University of Notre Dame, which is situated in the state of Indiana. 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. But the markets have largely ignored the investment, most likely because it looks a lot more like debt than capital. Its not exactly political activism, but it is actions beyond business.. 8. Here are the five most liberal CEOs, according to the firm's rankings: 5. Companies may be responding to research showing the benefits of listening to their employees and showing their voices matter. The people who ran the private equity firms are the people who form them, which means they generally arent diverse. January 10, 2020. In 2012, a report titled "Top Corporate Tax Dodgers" was issued in which Moynihan alongside many other CEOs was criticized by Senator Bernie Sanders. Public opinion is another factor likely driving the growing rift with the GOP. We have said its a straightforward thing. 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. 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. Whether its the work we do on a just transition, the work we do on the employee stuff, there has to be an economic model that sustains it. Such an approach was behind the company's moves during the pandemic to offer paid childcare to parents balancing remote work and . It just has to now be aligned more to make sure were achieving that in a balanced way. Number one, our clients are making this transition and our job is to help them make it. 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. She quoted him as saying: "We struck a chord with customers that no one anticipated. Brian D Moynihan from Toledo, Ohio | VoterRecords.com On the voting laws, a recent poll found that most people favor legislation that makes it easier to vote, not harder. Your bank and other large companies are spending gigantic sums of money to get capital into underserved communities. Following a varied career as a social scientist, presidential aide, and ambassador, Moynihan came to the Senate in 1976 and served 24 years. The following year there was a similar corporate backlash over North Carolinas ban on transgender individuals using public bathrooms. Companies aren't drifting away from the Grand Old Party. Companies may be responding to research showing the benefits of listening to their employees and showing their voices matter. The deal not only surprised the Fast Money traders on Thursday, it also caused them to question Moynihan's credibility. Take sustainable aviation fuel. Capitalism, development, yes, its good. 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. 6 on the company's proxy statement, which requests the . Thats not fair. Texas governor backed out of throwing the ceremonial first pitch at the Texas Rangers home opener. Our Standards: The Thomson Reuters Trust Principles. 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. What we need is some help. 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-) Documentaries are incredible; they tell us true stories about a journey or event. CNN Business exclusive: Bank of America CEO says a recession isn't in Once popular opinion hit the halfway point, however, a lot more companies including ones led by conservative CEOs begin speaking out in favor. 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. 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. When we say were net-zero, that effectively is an internal tax on our carbon usage. That's 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. Member of the Board of BlackRock 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. Moynihan talked with POLITICO about what the bank has been up to and what business needs from government to help it reach environmental goals. 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. 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.). 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. Whatever the case, there can be no doubt about the fact that Moynihan is one of the most influential figures in the financial sector. So, Read More What is The $50 Million Blockchain Research Program?Continue. BofA Lifts CEO Brian Moynihan's Pay 31% for 2021 to $32 Million 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. But as you know, the sticking power of those regulations ebb and flow. Irish Ancestry, Do you know something we don't? Bank of America CEO: We're preparing for possible debt default - CNN Brian is registered to vote in Lucas County, Ohio. A 2017 survey found that 89% of employees said they'd accept a reduced salary to work at a company whose values match their own. We asked them to put a price on carbon, to say its X, so we can all shoot at X, as opposed to now where one person says its this, one person says its that, how much capture is worth, or offsets or reduction. July 14, 2021, Fox Business: Barron's Roundtable Interestingly, even liberal CEOs said very little until 2011, including those who already provided employees with domestic partner benefits. Brian Moynihan is both the Chairman and the CEO of Bank of America. 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. Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsement. 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 . Meanwhile, Democrats are trying to capitalize on the fracture. The answer is, absolutely. Simply saying were not going to hold X or Y in our portfolio does not mean X or Y doesnt keep going on. article ul li { list-style: disc; padding: 5px 0; } All the foundations of the world have a couple trillion dollars in them or less. Contribution Totals. Well be doing that the next few months. The alliance has arguably been quite a success for Big Business. 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. Given the discriminatory lending program at BOA not to mention the explicitly racist employee training BOA hassponsored, recommended to its employees and then lied about Moynihan ought to take note. [7][8] He earned a Juris Doctor from the University of Notre Dame Law School,[9] before returning to Providence, Rhode Island to join Edwards & Angell LLP, the city's largest corporate law firm. The Full Guest List for the State Dinner - The New York Times Until then, very few CEOs had made a public statement on the issue, according to my same-sex marriage research. Travelers Aid Society Other research shows engagement in social activities like protecting the environment leads to less employee turnover. In 2008, Moynihan was elected the CEO of Merrill Lynch after BoA acquired it.

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