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." In my own research, I've found a CEO's political . POLITICO Q&A: Bank of America CEO Brian Moynihan, Insider Q&A: Brian Moynihan, CEO of Bank of America, Bank of Americas CEO has a message for governments on carbon markets: Give us a price, Why Financing the Multi-Trillion-Dollar Transition to Net Zero Isnt That Hard. He is also the CEO of Health & Innovation at Bipartisan Policy Center. We have said its a straightforward thing. There are a number of things that cause said city to stand out, with examples ranging from how it was the first permanent U.S. settlement in the Northwest Territory to how it was one of the stations on the famous Underground Railroad. Brian is registered to vote in Lucas County, Ohio. CNBC Exclusive: CNBC Transcript: Bank of America Chair & CEO Brian 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. Brian Moynihan Has Run Bank of America Conservatively. [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 report also includes criticisms of Bank of America's use of tax havens. Boycotts by several companies, including PayPal and the NCAA, led to a partial repeal in 2017. Youre hearing about turnover rates and the great resignation. Following a varied career as a social scientist, presidential aide, and ambassador, Moynihan came to the Senate in 1976 and served 24 years. Went through Some Changes Because of the Great Recession, 9. Assistant Professor of Management, Indiana University. Companies may be responding to research showing the benefits of listening to their employees and showing their voices matter. "We have . 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. 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. 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. You want those companies to declare net-zero, put a plan on the table. The lack of full disclosure makes it harder to say. It has to now be aligned to what the world needs it to do in the next stage. Thats 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. CEOs who mostly donate to Democrats tend to spend more on their employees, community activities and environmental issues, regardless of their companys profitability. And now its 10 percent, 12 percent. Brian Moynihan is the CEO of Bank of America (BOA). To read all of Deconstructing Brian Moynihan at the Townhall website, click here. Thats for us to do so he can remain a master of the universe.. Theres just not enough money. 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. Are CEOs influenced by their own political preferences when deciding whether and how to spend corporate funds on politics? Bank of America, N.A. Learn how you can help create a productive, creative, and compassionate work culture. When hes not running Bank of America, Brian Moynihan is preaching the gospel of doing well by doing 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. Every company has said that. On the voting laws, a recent poll found that most people favor legislation that makes it easier to vote, not harder. The industries with the strongest Republican preference were the energy, manufacturing, and chemical sectors. 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. You regularly award stock to rank-and-file employees at a cost of $3.3 . That can create the market to create the factories to produce the SAF. Perhaps unsurprisingly, Moynihan is a family name that sees widespread use in the counties of Cork and Kerry, which fall into said region. Fleet Boston EVP, Brokerage and Wealth Management (1999-2004) 2023 Bank of America Corporation. 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. 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. 12/$5,979. Corporate America seems to be drifting from the Republican Party Brian Moynihan - Wikipedia Public support for allowing gay people to marry surpassed 50% for the first time in 2011 -- it's now at 67%. The alliance has arguably been quite a success for Big Business. Fleet Boston EVP, Regional Commercial Financial Services (2003-04) The push for more restrictive voter laws continues the battle over the election. Number one, our clients are making this transition and our job is to help them make it. Bank of America executive emerges as big Republican donor | Charlotte Both male and female CEOs were more likely to be classified as Republicans, although the preference was stronger among the men than the women. Public opinion is another factor likely driving the growing rift with the GOP. Until then, very few CEOs had made a public statement on the issue, according to my same-sex marriage research. We found 100 of them, we did $300-plus million in commitments to those funds. Brian Moynihan Has Run Bank of America Conservatively. 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. And if you look at the small private equity firms, even larger ones, there are two basic holes. 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. He joined the board of directors, following his promotion to president and CEO in 2010. WHEN: Today, Wednesday, January 19, 2022 WHERE: CNBC's "Closing Bell" Following is the unofficial transcript of a CNBC interview with Bank of America Chairman & CEO Brian Moynihan on. The time is long before now, but certainly the sooner the better. 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? Corporate executives tend to follow public sentiment, as they want to minimize the risk of losing customers for their products and services. Bank of America CEO Brian Moynihan says leaders should look 'out-in The researchers also looked at how CEO political preferences differ by geography, based on the location of the company headquarters. Brian Moynihan is His Own Worst Nightmare - The National Center Are we seeing change? 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) Of course, Munsterman refers to a person from the Irish region of Munster. That calculation uses the social cost of carbon in our case. On a one-, three-, five-, 10-year stock price performance basis, we have produced for the shareholder at the same time weve produced for our communities and our employees and our customers. 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. 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. Can He Do More? Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and Members ofSIPC, and, in other jurisdictions, by locally registered entities. See here for a complete list of exchanges and delays. The CEO is the corporation's top decider, which means his or her political leanings can filter into business decisions. Brian D Moynihan from Toledo, Ohio | VoterRecords.com All the foundations of the world have a couple trillion dollars in them or less. Corporate executives tend to follow public sentiment, as they want to minimize the risk of losing customers for their products and services. Were actually buying directly fuel that is zero emissions to replace fuel that would otherwise be burned for our teammates flight. Are CEOs influenced by their own political preferences when deciding whether and how to spend corporate funds on politics? Bank of America President, Global Corporate and Investment Banking (2007-08) Recent management research shows that companies with more liberal employees spend more resources on improving gender and race diversity and sustainability issues. 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. Member of the Board of Countrywide 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. from 1999 to present. He says it's important for leaders to consider what's impacting those doing certain projects and how to remove barriers from their work. But as you know, the sticking power of those regulations ebb and flow. We believe in the and. Moynihan serves as chair of the companys Global Diversity and Inclusion Council and is a member of the museum council for the Smithsonians National Museum of African American History and Culture. 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. Copyright 2023 United Press International, Inc. All Rights Reserved. They also found that having a female CEO was associated with increased transparency. 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). April 23 (UPI) -- There's a growing rift between corporate America and the GOP -- two groups that have long been bedfellows. Interestingly, even liberal CEOs said very little until 2011, including those who already provided employees with domestic partner benefits. Download Brian Moynihan's biography (printable PDF format), YouTube:2022 World Citizen Award Dinner Honoring Brian Moynihan, Chair and CEO of Bank of America My research suggests there are three driving forces for this trend. Moynihan comes from Muimhneachin, which means a male individual who had a Munsterman for an ancestor at some point in his family tree. The deal not only surprised the Fast Money traders on Thursday, it also caused them to question Moynihan's credibility. Rather, the GOP seems to be doing the drifting, not only from corporate America, but the American public as well. 6 on the company's proxy statement, which requests the . In short, what happened was that Moynihan was an executive at FleetBoston Financial, which winded up merging with Bank of America in 2004. January 10, 2020. BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. CNN Business exclusive: Bank of America CEO says a recession isn't in 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. Other research shows engagement in social activities like protecting the environment leads to less employee turnover. 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. As a result, he became an executive at Bank of America as well, having been put in charge of global wealth and investment management. 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. Other research shows engagement in social activities like protecting the environment leads to less employee turnover. My research suggests there are three driving forces for this trend. Brian Moynihan - Bank of America 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. Effectively, a carbon tax is going around the world through all these commitments. Bank of America reported record profits last year even as it upped spending on employee day care and mental health. It is and it isnt. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards. In 2011, Moynihan accepted $5 billion in capital from Warren Buffet. In the environmental world, it has to be a just transition, we have to have energy so all countries can grow and prosper. A lot of people who want a loan from us actually need equity.