What we need is some help. Ive been asked if Im a capitalist at congressional hearings and things like that. Download all contribution records for this person. Public support for allowing gay people to marry surpassed 50% for the first time in 2011 -- it's now at 67%. Moynihan was . She quoted him as saying: "We struck a chord with customers that no one anticipated. Like its name states, the project is meant to encourage universities to conduct R&D in relation to blockchain. Bank of America also was named on Peoples Companies that Care list and is the top global bank on Fortunes Change the World list. 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. 12/$5,979. 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. This site uses Akismet to reduce spam. 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. Interestingly, even liberal CEOs said very little until 2011, including those who already provided employees with domestic partner benefits. 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. [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. 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). But corporate America isnt necessarily moving away from the Republican Party and toward the Democrats. 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. Employees also play an important role driving corporate activism. 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. Bank of America President, Global Wealth and Investment Mgt (2004-07) They met as classmates at Brown University. Are CEOs influenced by their own political preferences when deciding whether and how to spend corporate funds on politics? Corporate executives tend to follow public sentiment, as they want to minimize the risk of losing customers for their products and services. 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 . Companies provided financial support to conservative war chests and in return received business-friendly policies like reduced corporate taxes and regulations. Then society wants to hold them accountable. Brian Moynihan was born on October 19, 1959, in Marietta, Ohio, USA. 20 Countries With the Least Amount of Debt, The 10 Most Expensive Skateboards in the World, The 10 Best Ducati Motorcycles of All-Time. Bank of America CEO, Banc of America Securities LLC (2008-09) 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. To read all of Deconstructing Brian Moynihan at the Townhall website, click here. A recent study found that only about 18% of the more than 3,500 people who served as CEOs of companies in the Standard & Poors 1500 from 2000 to 2017 donated primarily to Democratic candidates, while 58% gave mostly to Republicans. Bank of America reported record profits last year even as it upped spending on employee day care and mental health. In 2016, Bank of America CEO Brian Moynihan told The Wall Street Journal that job descriptions for corporate leaders now include driving what we think is right. Republicans reacted furiously and warned of retribution, including eliminating tax breaks for companies taking a stand on the issue. Republicans reacted furiously and warned of retribution, including eliminating tax breaks for companies taking a stand on the issue. Applying neutrality conditions to BOAs too-big-to-fail status is the tool. 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.". We found 100 of them, we did $300-plus million in commitments to those funds. Fleet Boston Deputy General Counsel (1993-99) That is, they seem to believe its simply the right thing to do. [Get the best of The Conversation, every weekend. From 1999 to 2004, he served the bank as the executive vice president, managing its brokerage and wealth management division. 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. No. 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 must be reined in. 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. 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. 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. Later, Moynihan studied for a Juris Doctor at the University of Notre Dame, which is situated in the state of Indiana. 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. Member of the Board of Anthracite Capital, Inc. 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 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. Brian Moynihan. 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. 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. So we said lets fix that. It will not happen otherwise. Travelers Aid Society In my own research, Ive found a CEOs political affiliation can affect how a company spends money. Boys & Girls Clubs of America Kerry Victory 2004 National Republican Congressional Committee Sandhills PAC 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. But corporate America isn't necessarily moving away from the Republican Party and toward the Democrats. Eventually, Moynihan went to work as a lawyer in the financial sector. 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. Our basic viewpoint, and I think the right basic viewpoint, is two or three things. 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. [9] From 1999 to April 2004, he served as executive vice president, managing Fleet's brokerage and wealth management division. The study looked at campaign contributions by more than 3,800 CEOs of S&P 1500 companies between 2000 and 2017. | Hannah McKay/Pool via AP, File. In the past, Moynihan has also worked for Travelers Aid Society of Rhode Island, Countrywide Bank, and LaSalle Bank Midwest NA. Why have we not seen better results? That is, they seem to believe it's simply the right thing to do. Apple CEO Tim Cook escorts US President Donald Trump as he tours Apple Computer plant in Austin, Texas. But the political, you know, the adage was that . Getting X or Y to get greener on their steel production every year, or commitments made by the oil and gas industry not only their operations, but with carbon capture and storage and things that offset their emissions their change is actually the great change. Recent management research shows that companies with more liberal employees spend more resources on improving gender and race diversity and sustainability issues. Is that still on track? 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) But there are certain industries that didnt have the diversity record of the financial services industry, for example. 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. Moynihan comes from Muimhneachin, which means a male individual who had a Munsterman for an ancestor at some point in his family tree. He joined the Board of Directors, following his promotion to President and CEO in 2010. Download Brian Moynihan's biography (printable PDF format), YouTube:2022 World Citizen Award Dinner Honoring Brian Moynihan, Chair and CEO of Bank of America Fleet Boston EVP, Regional Commercial Financial Services (2003-04) The lack of full disclosure makes it harder to say. We are worried about the environment, youve seen massive movements of people out of poverty worldwide. Perhaps unsurprisingly, Moynihan is a family name that sees widespread use in the counties of Cork and Kerry, which fall into said region. 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.. 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. Its not even an offset. 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. Are CEOs influenced by their own political preferences when deciding whether and how to spend corporate funds on politics? Whats the thinking? 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. As a management professor, I study how corporate executives values and political views affect the decisions they make on behalf of their companies. Public opinion is another factor likely driving the growing rift with the GOP. We need to have a standardized cost of carbon. Texas' governor backed out of throwing the ceremonial first pitch at the Texas Rangers' home opener. Learn how you can help create a productive, creative, and compassionate work culture. Can He Do More? 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. 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. Were saying that if were net-zero, that that is a cost. Your bank and other large companies are spending gigantic sums of money to get capital into underserved communities. 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. Bank of America said it would begin reporting its financed emissions as soon as this year. 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.
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