See here for a complete list of exchanges and delays. 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.). As a result, he became an executive at Bank of America as well, having been put in charge of global wealth and investment management. We found 100 of them, we did $300-plus million in commitments to those funds. The following year, he became President of BoAs Consumer and Small Business Banking (SBB). 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. Moynihan participates in several organizations that focus on economic and market trends, including the World Economic Forums International Business Council Stakeholder Capitalism Metrics Initiative (chair), the Financial Services Forum, the Bank Policy Institute, the Business Roundtable, the Clearing House (chair), the American Heart Association CEO Roundtable (co-chair) and the Business Council. 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. 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". Are our current environmental and equality woes a failing of capitalism? Shareholders Have Prospered. Boys & Girls Clubs of America Kerry Victory 2004 National Republican Congressional Committee Sandhills PAC 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. If you make metrics part of the official sector, then you can see whos making progress. Nothings ever simple. Meanwhile, Democrats are trying to capitalize on the fracture. Read the original article. What is The $50 Million Blockchain Research Program? 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. 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. Companies arent drifting away from the Grand Old Party. He joined the board of directors, following his promotion to president and CEO in 2010. 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. In 2008, Moynihan was elected the CEO of Merrill Lynch after BoA acquired it. 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. 8. Brian Thomas Moynihan (born October 9, 1959) is an American investment banker, businessman and the chairman and CEO of Bank of America. Then governments have to use their purchasing power. In 2019, Bank of America was the only financial services company on Fortune magazine's list of The Best Big Companies to Work For . 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. 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. Brian Moynihan was born on October 19, 1959, in Marietta, Ohio, USA. The industries with the strongest Republican preference were the energy, manufacturing, and chemical sectors. M. K. Chin is an assistant professor of management at Indiana University. Your bank and other large companies are spending gigantic sums of money to get capital into underserved communities. Companies may be responding to research showing the benefits of listening to their employees and showing their voices matter. 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. Bank of America does not assume liability for any loss or damage resulting from anyone's reliance on the information provided. He is a multi-millionaire. The 100-plus companies that signed a statement supporting voter rights and against bills that would restrict access emphasized this point. [22], In 2012, Moynihan, alongside several other CEO's, faced heavy criticism from Bernie Sanders in a report titled "Top Corporate Tax Dodgers". The views and opinions expressed in this commentary are solely those of the author. Some politicians and governments just dont buy that. And Senate Minority Leader Mitch McConnell bluntly warned companies to stay out of politics though he later softened his tone. The lack of full disclosure makes it harder to say. There $6 trillion or $7 trillion per year required to make these changes happen. What we need is some help. Every company has said that. Were going to advise those companies. 20 Countries With the Least Amount of Debt, The 10 Most Expensive Skateboards in the World, The 10 Best Ducati Motorcycles of All-Time. Berry. The debate over same-sex marriage is a good case in point. He later joined Bank of America (BoA) after it merged with FleetBoston Financial in 2004. Bank of America reported record profits last year even as it upped spending on employee day care and mental health. Youre hearing about turnover rates and the great resignation. He is a multi-millionaire. Rather, the GOP seems to be doing the drifting, not only from corporate America, but the American public as well. If theyre really answering that question I think at the end of the day Bank of America will be fine, said Moynihan. 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. The time is long before now, but certainly the sooner the better. 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. Indiana University provides funding as a member of The Conversation US. Companies aren't drifting away from the Grand Old Party. Mr. Moynihan earned $32 million in 2021, which includes $1.5 . 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. Member FDIC.Equal Housing Lender Such an approach was behind the company's moves during the pandemic to offer paid childcare to parents balancing remote work and . 2023 Bank of America Corporation. 2020 Transaction Count/Amount. Weve got to ensure the planes are flying on SAF or buy equivalents, which is what were doing. Download all contribution records for this person. Theres a growing rift between corporate America and the GOP two groups that have long been bedfellows. It will not happen otherwise. Irish Ancestry, Do you know something we don't? No. 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.. 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. Moynihan comes from Muimhneachin, which means a male individual who had a Munsterman for an ancestor at some point in his family tree. This transcript has been edited for length and clarity. Bank of America has not been involved in the preparation of the content supplied at the unaffiliated sites and does not guarantee or assume any responsibility for its content. It is interesting to note that Moynihan was born in the city of Marietta, which can be found in Ohios Washington County. Well be doing that the next few months. Bank of America CEO, Banc of America Securities LLC (2008-09) Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards. Bank of America was named Worlds Best Bank by Euromoney magazine as well as Americas Most JUST Company by JUST Capital in 2022. The answer is, absolutely. The following year there was a similar corporate backlash over North Carolina's ban on transgender individuals using public bathrooms. In 2012, a report titled "Top Corporate Tax Dodgers" was issued in which Moynihan alongside many other CEOs was criticized by Senator Bernie Sanders. 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. After Bank of America (BofA) merged with FleetBoston Financial in 2004, he joined BoA as president of global wealth and investment management. Daniel Patrick Moynihan of New York left college teaching to address a larger public audience as an elected official. Read More The Top 20 Grossing Documentaries of All-TimeContinue, Alexander, or Alex, Austin is the CEO of Branch Metrics. Its a virtuous circle. We talk about delivering on the genius of the and, which is we have to deliver for our shareholders and for society. Member of the Board of Bank of America (2010-) Once popular opinion hit the halfway point, however, a lot more companies including ones led by conservative CEOs begin speaking out in favor. 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. This seems like a failure of government, carbon pricing. Bank of America Corp. increased Chief Executive Officer Brian Moynihan's pay by 31% last year after the lender posted record profits. M. K. Chin does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment. Companies provided financial support to conservative war chests and in return received business-friendly policies like reduced corporate taxes and regulations. Carbon pricing is dead in Congress and President Joe Bidens social cost of carbon is being challenged in court. Boycotts by several companies, including PayPal and the NCAA, led to a partial repeal in 2017. Before acting on any information in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. A lot of people who want a loan from us actually need equity. But this union has become increasingly strained in recent years over a range of social issues, particularly regarding LGBTQ rights. But there are certain industries that didnt have the diversity record of the financial services industry, for example. Member of the Board of Anthracite Capital, Inc. Interestingly, he majored in history, which isnt exactly what would come to mind for most people considering his current career. They also found that Republican-leaning CEOs lead companies with almost twice the asset value of companies led by Democratic-leaning executives. 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. And Senate Minority Leader Mitch McConnell bluntly warned companies to "stay out of politics" -- though he later softened his tone. To read all of Deconstructing Brian Moynihan at the Townhall website, click here. Our turnover rate in 2021 was basically the same as it was in 2019. But relatively few CEOs are staunchly liberal, so the impact of the CEO on this trend may be limited. Effectively, a carbon tax is going around the world through all these commitments. 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. 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. [19][20][21], The bank's 2012 shareholder meeting in Charlotte, North Carolina convened "as protests swirled inside and outside", according to the San Francisco Chronicle. But this union has become increasingly strained in recent years over a range of social issues, particularly regarding LGBTQ rights. Instead, businesses are trying to make clear that their concerns are not partisan in nature. But the political, you know, the adage was that . siblings: Kathryn Moynihan, Patrick Moynihan, education: Brown University, University Of Notre Dame, https://flickr.com/photos/worldeconomicforum/39897974383, https://flickr.com/photos/worldeconomicforum/24407231942, https://flickr.com/photos/charlotteworld/32306038254, https://flickr.com/photos/bostoncatholic/20894610703, https://www.youtube.com/watch?v=F429iY-GFRE. 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. "The right to vote should be distributed in the broadest sense and anything that goes against that shouldn't be tolerated," said CEO Brian Moynihan in an interview with CNN's Poppy Harlow on. Ive been asked if Im a capitalist at congressional hearings and things like that. Net-zero for them doesnt mean the cars emissions. However, others might be more familiar with him because of the criticism that has been levied against him. But corporate America isn't necessarily moving away from the Republican Party and toward the Democrats. So, Read More What is The $50 Million Blockchain Research Program?Continue. 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. 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. So the cost of carbon enables you to value that internal tax. [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. 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. 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. 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. And if you look at the small private equity firms, even larger ones, there are two basic holes. Yet corporations, including yours, are putting their own prices on carbon to guide decision making. Though many leaders in corporate America have gone out of their way to distance themselves from US president Donald Trump, a new working paper shows that public company CEOs still heavily favor Republicans. February 6, 2020, Bloomberg Markets and Finance He joined the board of directors, following his promotion to president and CEO in 2010. 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. Later, Moynihan studied for a Juris Doctor at the University of Notre Dame, which is situated in the state of Indiana. The couple has three children. January 10, 2020. While I believe CEOs are partly responsible for the growing business-GOP divide, it's not the only factor driving it. 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. 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 . Ideology score: 4.9L. Companies were also vocal during former President Donald Trumps presidency over such matters as his travel ban from Muslim-majority countries and his comments following the white supremacist rally in Charlottesville, Virginia. 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. Branch Metrics was founded in 2014 by Alex Austin along with partners Dmitri Gaskin, Mada Seghete, and Mike Molinet. 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. 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? Copyright 2023 United Press International, Inc. All Rights Reserved. So our clients are at risk if they make that wheel unless they understand how they make the transition so they can be in that supply chain. The push for more restrictive voter laws continues the battle over the election. So we said lets fix that. He joined the Board of Directors, following his promotion to President and CEO in 2010. Learn how your comment data is processed. This wouldve been fine if he hadnt been insistent that Bank of America didnt need an infusion of capital. But corporate America isnt necessarily moving away from the Republican Party and toward the Democrats. Brian Thomas Moynihan (born October 9, 1959) is an American businessman and the Chairman and CEO of Bank of America. Interestingly, even liberal CEOs said very little until 2011, including those who already provided employees with domestic partner benefits. 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) The company has been ranked three times on LinkedIns Top 50 Companies in the U.S. list, and also is recognized annually as a top employer by Working Mother, LATINA Style, Black Enterprise, Military Times and U.S Veterans Magazine. Contribution Totals. 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. 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. 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. We are saying a flight that our investment banker or our commercial banker takes is a cost. Bank of America General Counsel (2008-09) 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. Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsement. Brian Moynihan and Susan Berry Henry R. Muoz III and Ariana DeBose Gov. He joined Merrill Lynch in 2008 from Goldman Sachs, just. It just wont happen. Companies provided financial support to conservative war chests and in return received business-friendly policies like reduced corporate taxes and regulations. The efforts have doubled down. Brian D Moynihan (age 53) is listed at 4114 Northmoor Rd Toledo, Oh 43606 and has no known political party affiliation. 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. Governments could try to regulate it. 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. It just has to now be aligned more to make sure were achieving that in a balanced way. Public support for allowing gay people to marry surpassed 50% for the first time in 2011 -- it's now at 67%. Other research shows engagement in social activities like protecting the environment leads to less employee turnover. One of the Bank Executives Targeted By Bernie Sanders. 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. 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. https://www.thefamouspeople.com/profiles/brian-moynihan-49405.php. In 1993, he joined Fleet Boston bank as a deputy general counsel. Company goals are aspirational and not guarantees or promises that all goals will be met. That means we can do a better job for customers. The CEO is the corporation's top decider, which means his or her political leanings can filter into business decisions. So, looking through an ESG lens, Bank of America has seen the light? 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. However, Moynihan said spending is still . 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." . Its been unbelievable. Surely you jest. 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 ). from 1999 to present. Both male and female CEOs were more likely to be classified as Republicans, although the preference was stronger among the men than the women. He is also one of the chief proponents of environmental, social and governance ( ESG) policy - how businesses justify their participation in politics as a muscle for left-wing causes.

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