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. 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. Were going to advise those companies. Moynihan talked with POLITICO about what the bank has been up to and what business needs from government to help it reach environmental goals. But relatively few CEOs are staunchly liberal, so the impact of the CEO on this trend may be limited. 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. Initially, Moynihan studied at Brown University. After Bank of America (BofA) merged with FleetBoston Financial in 2004, he joined BoA as president of global wealth and investment management. Until then, very few CEOs had made a public statement on the issue, according to my same-sex marriage research. 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.). We started this a long time ago to drop employee churn and have people be more career-oriented. He says it's important for leaders to consider what's impacting those doing certain projects and how to remove barriers from their work. If theyre really answering that question I think at the end of the day Bank of America will be fine, said Moynihan. Its not exactly political activism, but it is actions beyond business.. As corporate America moves deeper into stakeholder capitalism, theres political and economic pushback: How is this good for the bottom line? However, that doesnt, Read More How Much Does It Cost to Attend a St. Louis Blues Game?Continue, Technology is an ever-changing world and if you dont keep up with it, you will quickly be left behind. Our basic viewpoint, and I think the right basic viewpoint, is two or three things. 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. In my own research, which tracked companies engagement on same-sex marriage issues in the 2000s and 2010s, I found that the likelihood of CEOs speaking out on same-sex marriage significantly increased when there were more employees who donated to Democrats which was true even when the CEO leaned conservative. [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". Then governments have to use their purchasing power. Moynihan started working at Bank of America because of a merger. Carbon pricing is dead in Congress and President Joe Bidens social cost of carbon is being challenged in court. The . Mr. Moynihan earned $32 million in 2021, which includes $1.5 . Ideology score: 4.9L. Theres just not enough money. Im just trying to get the work done. The industries with the strongest Republican preference were the energy, manufacturing, and chemical sectors. [10], He joined Fleet Boston bank in April 1993 as a deputy general counsel. Berry. In my own research, I've found a CEO's political affiliation can affect how a company spends money. The alliance has arguably been quite a success for Big Business. Net-zero for them doesnt mean the cars emissions. The following is a transcript of an interview with Bank of America CEO Brian Moynihan that aired Sunday, Dec. 4, 2022, on "Face the Nation." . Philip Murphy, Democrat of New Jersey, and Tammy Murphy Bill Nelson, NASA administrator, and Grace Nelson Anne. Brian Moynihan and Susan Berry Henry R. Muoz III and Ariana DeBose Gov. Bank of America President, Global Wealth and Investment Mgt (2004-07) And now its 10 percent, 12 percent. Are CEOs influenced by their own political preferences when deciding whether and how to spend corporate funds on politics? He joined the board of directors, following his promotion to president and CEO in 2010. Download all contribution records for this person. 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. The answer is, absolutely. We found 100 of them, we did $300-plus million in commitments to those funds. 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. 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. And Senate Minority Leader Mitch McConnell bluntly warned companies to stay out of politics though he later softened his tone. 12/$5,979. 2020 Transaction Count/Amount. The alliance has arguably been quite a success for Big Business. This transcript has been edited for length and clarity. But corporate America isnt necessarily moving away from the Republican Party and toward the Democrats. In 1993, he joined Fleet Boston bank as a deputy general counsel. It just wont happen. Member FDIC.Equal Housing Lender Remember this key thing, if you believe that changes need to happen, it isnt going to happen by charity. Such an approach was behind the company's moves during the pandemic to offer paid childcare to parents balancing remote work and . 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. Interestingly, even liberal CEOs said very little until 2011, including those who already provided employees with domestic partner benefits. The lack of full disclosure makes it harder to say. 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. 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. The study looked at campaign contributions by more than 3,800 CEOs of S&P 1500 companies between 2000 and 2017. You regularly award stock to rank-and-file employees at a cost of $3.3 . So, Read More What is The $50 Million Blockchain Research Program?Continue. All the foundations of the world have a couple trillion dollars in them or less. Because at the end of the day, if you cant reduce your usage, youre going to have to pay your way out of the rough, so to speak. CEOs who mostly donate to Democrats tend to spend more on their employees, community activities and environmental issues, regardless of their companys profitability. Capitalism, development, yes, its good. Brian Moynihan Has Run Bank of America Conservatively. January 10, 2020. Sign up for our weekly newsletter.]. If you make metrics part of the official sector, then you can see whos making progress. Governments could try to regulate it. 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 time is long before now, but certainly the sooner the better. 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? Then society wants to hold them accountable. 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. The researchers also looked at how CEO political preferences differ by geography, based on the location of the company headquarters. There $6 trillion or $7 trillion per year required to make these changes happen. There are so many different kinds, from humorous to profound, cute to horrific, its not hard to find a documentary for everyone. He talked with POLITICO last week about what the bank has been up to, what business needs from government to help it reach environmental goals, and the genius of the and.. Its not even an offset. 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. The views and opinions expressed in this commentary are solely those of the author. 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. I have high confidence that the powers of office will be able to shape people into being whats good for America. Shareholders Have Prospered. Employees also play an important role driving corporate activism. [22], In 2012, Moynihan, alongside several other CEO's, faced heavy criticism from Bernie Sanders in a report titled "Top Corporate Tax Dodgers". 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. 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. And Senate Minority Leader Mitch McConnell bluntly warned companies to "stay out of politics" -- though he later softened his tone. Perhaps unsurprisingly, Moynihan is a family name that sees widespread use in the counties of Cork and Kerry, which fall into said region. The close relationship between corporate America and the Republican Party dates back to the 1970s. 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.. 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. Banks and investors take heat for not simply cutting polluters loose. In short, what happened was that Moynihan was an executive at FleetBoston Financial, which winded up merging with Bank of America in 2004. Suffice to say that Notre Dames Law School is one of the best in the United States, so it should come as no surprise to learn that Moynihan went on to become a lawyer. The issue is how the car is built. 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. This site uses Akismet to reduce spam. This article is republished from The Conversation under a Creative Commons license. His Credibility Was Called into Question in 2011, 10. Brian Moynihan - $5,979 in Political Contributions for 2020, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions In 2008, Moynihan was elected the CEO of Merrill Lynch after BoA acquired it. Its been unbelievable. Weve got to say it isnt fair for developed countries to say, Hey, we did this by fossil fuel burning to make electricity so we can become a prosperous nation. You cant do that. 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. 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". All companies are doing that and thats starting to take hold. To read all of Deconstructing Brian Moynihan at the Townhall website, click here. Brian Moynihan Has Run Bank of America Conservatively. [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? Then in 2010, he was promoted to CEO of BoA after Ken Lewis stepped down.Currently, Moynihan is also the chairman of several other organizations, including the World Economic Forum International Business Council, The Financial Services Forum, and Bank Policy Institute. Corporate executives tend to follow public sentiment, as they want to minimize the risk of losing customers for their products and services. The lack of full disclosure makes it harder to say. Like its name states, the project is meant to encourage universities to conduct R&D in relation to blockchain. Brian Moynihan is both the Chairman and the CEO of Bank of America. As a result, he acquired both expertise and experience in a number of positions at a number of banks, which enabled him to climb higher and higher on the corporate hierarchy. He didnt mean to, Scott remarked, but he admitted it: stakeholder capitalism is a fraud, a pretense., Moynihan also seems to fail to notice he embodies the problem he claims to be fighting. It will not happen otherwise. Read the original article. Were actually buying directly fuel that is zero emissions to replace fuel that would otherwise be burned for our teammates flight. 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. Edwards & Angell Staff Attorney (1984-1993) Learn how you can help create a productive, creative, and compassionate work culture. 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 . These materials are for informational purposes only. Yet corporations, including yours, are putting their own prices on carbon to guide decision making. 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. [9] From 1999 to April 2004, he served as executive vice president, managing Fleet's brokerage and wealth management division. Is that still on track? We have a more stable workforce. 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. Texas' governor backed out of throwing the ceremonial first pitch at the Texas Rangers' home opener. 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. 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. When hes not running Bank of America, Brian Moynihan is preaching the gospel of doing well by doing right. He attended Brown University and graduated from there in 1981. April 5, 2022. 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, NCAA will not hold events in states that discriminate against trans students, MLB moves All-Star Game, draft out of Georgia after voting restrictions, 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, 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 was named Worlds Best Bank by Euromoney magazine as well as Americas Most JUST Company by JUST Capital in 2022. 20 Countries With the Least Amount of Debt, The 10 Most Expensive Skateboards in the World, The 10 Best Ducati Motorcycles of All-Time. Number one, our clients are making this transition and our job is to help them make it. It has to now be aligned to what the world needs it to do in the next stage. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue. 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. Member of the Board of Bank of America (2010-) Member of the Board of Countrywide Moynihan was born in Marietta, Ohio in 1959, the sixth of eight children in a Catholic family of Irish descent. He joined Merrill Lynch in 2008 from Goldman Sachs, just. However he does like to take on other topics involving some of his personal interests like automobiles, future technologies, and anything else that could change the world. Lloyd Blankfein, Goldman Sachs ( GS ). The 100-plus companies that signed a statement supporting voter rights and against bills that would restrict access emphasized this point. 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.