The issue is also the diversity of purchasing power. 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. He joined the board of directors, following his promotion to president and CEO in 2010. Our Standards: The Thomson Reuters Trust Principles. Meanwhile, Democrats are trying to capitalize on the fracture. Moynihan started working at Bank of America because of a merger. 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. Brian Thomas Moynihan (born October 9, 1959) is an American businessman and the Chairman and CEO of Bank of America. M. K. Chin is an assistant professor of management at Indiana University. When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies. Boycotts by several companies, including PayPal and the NCAA, led to a partial repeal in 2017. "[12], On September 12, 2011, CNBC's John Carney noted that Moynihan had "once again laid out his company's plan to meet regulatory capital requirements and denied that the bank will have to issue new stock to raise capital [Moynihan] says that Warren Buffett's $5 billion counts as Tier 1 Capital. As a millionaire CEO in charge of an environment he claims perpetuates a racial and social justice crisis, Scott asserted that Moynihan is the greatest white supremacist and systemic racist at BOA, and one of the greatest in the world., Is he advancing justice by redistributing his massive wealth and power? Scott asked. 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-) Number one, our clients are making this transition and our job is to help them make it. Trump, the presumptive Republican nominee for the 2016 presidential election, has faced criticism on a variety of issues, including his position on trade, immigration and foreign policy. The alliance has arguably been quite a success for Big Business. Perhaps unsurprisingly, Moynihan is a family name that sees widespread use in the counties of Cork and Kerry, which fall into said region. The following year, he became President of BoAs Consumer and Small Business Banking (SBB). All rights reserved. BOA has (un)distinguished itself as one of the key purveyors of ESG activism. 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. 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 we not seen better results? Transcript: Bank of America CEO Brian Moynihan on "Face the Nation 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. He must be reined in. 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. I have high confidence that the powers of office will be able to shape people into being whats good for America. [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. September 23, 2020, The David Rubenstein Show And if you look at the small private equity firms, even larger ones, there are two basic holes. 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. Then society wants to hold them accountable. 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.). Bank of America CEO Brian Moynihan's debt default fears | Fortune If theyre really answering that question I think at the end of the day Bank of America will be fine, said Moynihan. He attended Brown University and graduated from there in 1981. Political donations by US CEOs show strong Republican leanings - Quartz Bank of America 's annual meeting is scheduled for April 25, and shareholders will be asked to vote on a proposal that would increase accountability for the company's longtime Chairman and CEO, Brian Moynihan (pictured above, right, with the World Economic Forum 's Klaus Schwab ). So, Read More What is The $50 Million Blockchain Research Program?Continue. Moynihan comes from Muimhneachin, which means a male individual who had a Munsterman for an ancestor at some point in his family tree. Berry. Meanwhile, Democrats are trying to capitalize on the fracture. He joined the board of directors, following his promotion to president and CEO in 2010. Boys & Girls Clubs of America Kerry Victory 2004 National Republican Congressional Committee Sandhills PAC 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? Brian Moynihan and Susan Berry Henry R. Muoz III and Ariana DeBose Gov. 3 min read. The second thing is diverse companies werent getting the capital. 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. He is also the Chairman of The Financial Services Forum as well as a member of The National Museum of African American History & Culture. 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. 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. No. 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. Sign up for our weekly newsletter.]. Protesters converged outside the building, which they were barred from entering by police and metal barricades. The debate over same-sex marriage is a good case in point. 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. Advertisement The industries with the strongest Republican preference were the energy, manufacturing, and chemical sectors. 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). According to the report, Moynihan's BoA did not pay federal income tax in 2010 despite making $4.4 billion in profits. The issue is how the car is built. Bank of America, N.A. 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. Boycotts by several companies, including PayPal and the NCAA, led to a partial repeal in 2017. Daniel Patrick Moynihan: A Featured Biography - Senate 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. And Senate Minority Leader Mitch McConnell bluntly warned companies to "stay out of politics" -- though he later softened his tone. Companies arent drifting away from the Grand Old Party. Brian Moynihan - Council for Inclusive Capitalism 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 . Companies aren't drifting away from the Grand Old Party. The study looked at campaign contributions by more than 3,800 CEOs of S&P 1500 companies between 2000 and 2017. We started this a long time ago to drop employee churn and have people be more career-oriented. The debate over same-sex marriage is a good case in point. 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. Bank of America said it would begin reporting its financed emissions as soon as this year. Its not exactly political activism, but it is actions beyond business.. However, others might be more familiar with him because of the criticism that has been levied against him. 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. June 25, 2021 - Barron's 'Don't lose sight of why': Bank of America CEO Brian Moynihan on importance of ESG in business June 18, 2021 - Charlotte Business Journal; America's Banker: Brian Moynihan, 2020 CEO Of The Year October 20, 2020 - Chief Executive Magazine Simply saying were not going to hold X or Y in our portfolio does not mean X or Y doesnt keep going on. The couple has three children. See here for a complete list of exchanges and delays. Moynihan was born in Marietta, Ohio in 1959, the sixth of eight children in a Catholic family of Irish descent. Public support for allowing gay people to marry surpassed 50% for the first time in 2011 -- it's now at 67%. Brian Moynihan - $17,099 in Political Contributions for 2008 Member of the Board of Anthracite Capital, Inc. In my own research, Ive found a CEOs political affiliation can affect how a company spends money. Insurance and annuity products are offered through Merrill Lynch Life Agency Inc. (MLLA), a licensed insurance agency and wholly-owned subsidiary of BofA Corp. Investment products offered through MLPF&S and insurance and annuity products offered through MLLA: Bank of America" is the marketing name for the global banking and global markets business of Bank of America Corporation. 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. 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. Now youre working across sectors to get the various metrics to converge. Later, Moynihan studied for a Juris Doctor at the University of Notre Dame, which is situated in the state of Indiana. Whatever the case, there can be no doubt about the fact that Moynihan is one of the most influential figures in the financial sector. This transcript has been edited for length and clarity. Companies may be responding to research showing the benefits of listening to their employees and showing their voices matter. Then the decision isnt, Yep, theres 12 companies in this industry, let me get out of all 12. Its, These 10 are making progress, Ill stay with them and those two will start to suffer from investors and others. Thats played out in the oil and gas industry in the last couple years. Political Campaign Contributions. Your bank and other large companies are spending gigantic sums of money to get capital into underserved communities. Member of the Board of Bank of America (2010-) 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. 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. We may earn a commission from links on this page. Moynihan works with public officials, businesses and civic leaders at the local level through his participation on the Charlotte Executive Leadership Council, the Massachusetts Competitive Partnership (chair) and the Partnership for Rhode Island. Thats a modest mandate. Brian Moynihan - $5,979 in Political Contributions for 2020, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions Once popular opinion hit the halfway point, however, a lot more companies including ones led by conservative CEOs begin speaking out in favor. 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. The push for more restrictive voter laws continues the battle over the election. Corporate executives tend to follow public sentiment, as they want to minimize the risk of losing customers for their products and services. What youre doing is putting a perpetual motion machine called capitalism to drive this change. [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. After Bank of America (BofA) merged with FleetBoston Financial in 2004, he joined BoA as president of global wealth and investment management. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards. Perhaps unsurprisingly, Moynihan went through some rather significant changes because of the Great Recession. 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 close relationship between corporate America and the Republican Party dates back to the 1970s. Indeed, the Republican tilt was evident in all regions and sectors. Is that still on track? Rather, the GOP seems to be doing the drifting, not only from corporate America, but the American public as well. Companies provided financial support to conservative war chests and in return received business-friendly policies like reduced corporate taxes and regulations. Nothings ever simple. The lack of full disclosure makes it harder to say. Here are the five most liberal CEOs, according to the firm's rankings: 5. 8. 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. 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. Such an approach was behind the company's moves during the pandemic to offer paid childcare to parents balancing remote work and . In 2012, a report titled "Top Corporate Tax Dodgers" was issued in which Moynihan alongside many other CEOs was criticized by Senator Bernie Sanders. Until then, very few CEOs had made a public statement on the issue, according to my same-sex marriage research. A skilled legislator, he excelled at both floor debate and committee negotiation. 10 Things You Didn't Know about Bank of America CEO Brian Moynihan Public opinion is another factor likely driving the growing rift with the GOP. The 100-plus companies that signed a statement supporting voter rights and against bills that would restrict access emphasized this point. 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. Public support for allowing gay people to marry surpassed 50% for the first time in 2011 its now at 67%. As a management professor, I study how corporate executives values and political views affect the decisions they make on behalf of their companies. In the past, Moynihan has also worked for Travelers Aid Society of Rhode Island, Countrywide Bank, and LaSalle Bank Midwest NA. One of the Bank Executives Targeted By Bernie Sanders. The company went from like a 20 percent down to 15 percent turnover. Brian Thomas Moynihan (born October 9, 1959)[1] is an American investment banker, businessman and the chairman and CEO of Bank of America. But this union has become increasingly strained in recent years over a range of social issues, particularly regarding LGBTQ rights. 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. Those who are interested in seeing the St. Louis Blues play at the Enterprise Center should be happy to know that they arent one of the NHLs more expensive teams to watch. 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. CEOs who mostly donate to Democrats tend to spend more on their employees, community activities and environmental issues, regardless of their company's profitability. 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. The report also includes criticisms of Bank of America's use of tax havens. And now its 10 percent, 12 percent. 2023 Bank of America Corporation. Since being named CEO in 2010, Moynihan has pushed an environmental, social and governance agenda that seems to be working for shareholders. 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. Download Brian Moynihan's biography (printable PDF format), YouTube:2022 World Citizen Award Dinner Honoring Brian Moynihan, Chair and CEO of Bank of America Advertisement. It is interesting to note that Moynihan was born in the city of Marietta, which can be found in Ohios Washington County. The CEO is the corporations top decider, which means his or her political leanings can filter into business decisions. Bank of America CEO Brian Moynihan has pushed an environmental, social and governance agenda since taking over in 2010. Recent management research shows that companies with more liberal employees spend more resources on improving gender and race diversity and sustainability issues. In 1993, he joined Fleet Boston bank as a deputy general counsel. But as you know, the sticking power of those regulations ebb and flow. The alliance has arguably been quite a success for Big Business. 2020 Transaction Count/Amount. Company goals are aspirational and not guarantees or promises that all goals will be met. 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. But this union has become increasingly strained in recent years over a range of social issues, particularly regarding LGBTQ rights. In 2016, Bank of. [Get the best of The Conversation, every weekend. Brian Moynihan. That calculation uses the social cost of carbon in our case. Both male and female CEOs were more likely to be classified as Republicans, although the preference was stronger among the men than the women. Youre hearing about turnover rates and the great resignation. Falls Church, VA | April 12, 2023 09:30 AM Eastern Daylight Time Bank of America's annual meeting is scheduled for April 25, and shareholders will be asked to vote on a proposal that would increase accountability for the company's longtime Chairman and CEO, Brian Moynihan.. National Legal and Policy Center is sponsoring Proposal No. Brian Moynihan - Bank of America He later joined Bank of America (BoA) after it merged with FleetBoston Financial in 2004. "We have . 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. A dispatch from the world of modern work. She quoted him as saying: "We struck a chord with customers that no one anticipated. The demand for newer and better has been moving faster and faster, and technology companies are, Read More The 10 Hottest Kickstarter Products of 2017Continue, Claudia Alende is a Brazilian model and businesswoman who you might recognize due to her incredible resemblance to Megan Fox. Mr. Moynihan earned $32 million in 2021, which includes $1.5 . Bank of America President, Global Wealth and Investment Mgt (2004-07) He is a member of Federal Reserve Banks Federal Advisory Council, National Museum of African American History and Culture, and Brown University Corporation's Board of Fellows as well. On the voting laws, a recent poll found that most people favor legislation that makes it easier to vote, not harder. Republicans reacted furiously and warned of retribution, including eliminating tax breaks for companies taking a stand on the issue. 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. But corporate America isn't necessarily moving away from the Republican Party and toward the Democrats. 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.
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