brian moynihan political party

A lot of people who want a loan from us actually need equity. There are so many different kinds, from humorous to profound, cute to horrific, its not hard to find a documentary for everyone. 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. Moynihan comes from Muimhneachin, which means a male individual who had a Munsterman for an ancestor at some point in his family tree. 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. Copyright 2023 United Press International, Inc. All Rights Reserved. article ul li { list-style: disc; padding: 5px 0; } 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. Republicans reacted furiously and warned of retribution, including eliminating tax breaks for companies taking a stand on the issue. Member of the Board of BlackRock 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. How is this capitalism? All the foundations of the world have a couple trillion dollars in them or less. 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. 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? Learn how you can help create a productive, creative, and compassionate work culture. But corporate America isn't necessarily moving away from the Republican Party and toward the Democrats. The company has been recognized as a leader in financial services, including on Forbes magazines list for Worlds Best Employers and Worlds Top Female-Friendly Companies as well as Fortune magazines list of Worlds Most Admired Companies and Best Companies to Work For. The idea is to produce for all of them. Its not even an offset. For example, he was put in charge of Merrill Lynch when Bank of America bought it in 2008. Travelers Aid Society Applying neutrality conditions to BOAs too-big-to-fail status is the tool. He is a multi-millionaire. https://www.thefamouspeople.com/profiles/brian-moynihan-49405.php. 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. 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. Until then, very few CEOs had made a public statement on the issue, according to my same-sex marriage research. A habit he swears by: Moynihan recommends that leaders look "out-in.". 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. Whats the thinking? Texas' governor backed out of throwing the ceremonial first pitch at the Texas Rangers' home opener. 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 Apple CEO Tim Cook escorts US President Donald Trump as he tours Apple Computer plant in Austin, Texas. The . Were not seeing the kind of turnover that you read about because of a long-term investment. Write an article and join a growing community of more than 163,500 academics and researchers from 4,609 institutions. A veteran of Wall Street, Montag is generally considered to be the most powerful executive at Bank of America below CEO Brian Moynihan. 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. In 2008, Moynihan was elected the CEO of Merrill Lynch after BoA acquired it. We believe in the and. M. K. Chin is an assistant professor of management at Indiana University. In 2014, Alende participated in the Miss Bumbum and finished as vice champion, losing to, Read More Claudia Alende Gives a Five Point Plan for SuccessContinue. Meanwhile, Democrats are trying to capitalize on the fracture. Brian Moynihan was born on October 19, 1959, in Marietta, Ohio, USA. Our diverse supply chain buying produces contracts for diverse suppliers, $2 billion-plus a year now. As a management professor, I study how corporate executives' values and political views affect the decisions they make on behalf of their companies. Indeed, the Republican tilt was evident in all regions and sectors. 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. Fleet Boston Deputy General Counsel (1993-99) It just has to now be aligned more to make sure were achieving that in a balanced way. We found 100 of them, we did $300-plus million in commitments to those funds. Bank of America reported record profits last year even as it upped spending on employee day care and mental health. 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. [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. 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. 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. Brian Moynihan, chief executive officer of Bank of America Corp., during a Bloomberg Television interview on day three of the World Economic Forum (WEF) in Davos, Switzerland, on Thursday, Jan. 19 . "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. A skilled legislator, he excelled at both floor debate and committee negotiation. [2][3][4], Moynihan was born in Marietta, Ohio October 9, in 1959,[1] the sixth of eight children in a family of Irish descent. The lack of full disclosure makes it harder to say. The report also criticized the banks use of tax havens. From 1999 to 2004, he served the bank as the executive vice president, managing its brokerage and wealth management division. Bank of America CEO Brian Moynihan After robust growth in 2018, Bank of America's customers have decelerated spending this year to pre-tax-cut levels. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. February 6, 2020, Bloomberg Markets and Finance A dispatch from the world of modern work. [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. 6 on the company's proxy statement, which requests the . 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. Contribution Totals. This practice has come under scrutiny from some shareholders. 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. We need to have a standardized cost of carbon. However, others might be more familiar with him because of the criticism that has been levied against him. He then went on to earn a Juris Doctor from the prestigious University of Notre Dame Law School. Simply saying were not going to hold X or Y in our portfolio does not mean X or Y doesnt keep going on. Brian Moynihan is both the Chairman and the CEO of Bank of America. And if you look at the small private equity firms, even larger ones, there are two basic holes. 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. Branch Metrics was founded in 2014 by Alex Austin along with partners Dmitri Gaskin, Mada Seghete, and Mike Molinet. In my own research, Ive found a CEOs political affiliation can affect how a company spends money. 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. Your bank and other large companies are spending gigantic sums of money to get capital into underserved communities. His father worked as a chemist while his grandfather was a lawyer. 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." . 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. 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. 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". Went through Some Changes Because of the Great Recession, 9. Bank of America Corp. increased Chief Executive Officer Brian Moynihan's pay by 31% last year after the lender posted record profits. Our basic viewpoint, and I think the right basic viewpoint, is two or three things. A 2017 survey found that 89% of employees said theyd accept a reduced salary to work at a company whose values match their own. That is, they seem to believe it's simply the right thing to do. Public support for allowing gay people to marry surpassed 50% for the first time in 2011 its now at 67%. 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) 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.". 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. Are CEOs influenced by their own political preferences when deciding whether and how to spend corporate funds on politics? Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsement. The following year there was a similar corporate backlash over North Carolinas ban on transgender individuals using public bathrooms. All quotes delayed a minimum of 15 minutes. Instead, businesses are trying to make clear that their concerns are not partisan in nature. Edwards & Angell Staff Attorney (1984-1993) 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. 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. He Quietly Turned Bank of America Around. [22], In 2012, Moynihan, alongside several other CEO's, faced heavy criticism from Bernie Sanders in a report titled "Top Corporate Tax Dodgers". He joined Merrill Lynch in 2008 from Goldman Sachs, just. 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. Our turnover rate in 2021 was basically the same as it was in 2019. Brian Moynihan and Susan Berry Henry R. Muoz III and Ariana DeBose Gov. Net-zero for them doesnt mean the cars emissions. Interestingly, even liberal CEOs said very little until 2011, including those who already provided employees with domestic partner benefits. He says it's important for leaders to consider what's impacting those doing certain projects and how to remove barriers from their work. Advertisement. The company went from like a 20 percent down to 15 percent turnover. Company goals are aspirational and not guarantees or promises that all goals will be met. To read all of Deconstructing Brian Moynihan at the Townhall website, click here. As a result, he became an executive at Bank of America as well, having been put in charge of global wealth and investment management. Sign up for our weekly newsletter.]. 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. Both male and female CEOs were more likely to be classified as Republicans, although the preference was stronger among the men than the women. 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. 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. [8], Moynihan held numerous banking positions before becoming president of consumer and small business banking (SBB) at Bank of America in January 2009. Well be doing that the next few months. [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. Are we seeing change? Bank of America does not assume liability for any loss or damage resulting from anyone's reliance on the information provided. But relatively few CEOs are staunchly liberal, so the impact of the CEO on this trend may be limited. Recent management research shows that companies with more liberal employees spend more resources on improving gender and race diversity and sustainability issues. Bank of America said it would begin reporting its financed emissions as soon as this year. And Senate Minority Leader Mitch McConnell bluntly warned companies to stay out of politics though he later softened his tone. In 2012, Moynihan was one of the CEOs who were criticized by Senator Bernie Sanders, who was taking aim at what he called corporate tax dodgers. Essentially, Sanders was displeased that Bank of America didnt just pay no income tax but also received $1.9 billion in a tax refund for 2010 even though said corporation had made $4.4 billion in profit in that same year. 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 answer is, absolutely. Ive been asked if Im a capitalist at congressional hearings and things like that. 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. Bank of America President, Global Wealth and Investment Mgt (2004-07) Public opinion is another factor likely driving the growing rift with the GOP. Such an approach was behind the company's moves during the pandemic to offer paid childcare to parents balancing remote work and . Berry. 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. But as you know, the sticking power of those regulations ebb and flow. The CEO is the corporations top decider, which means his or her political leanings can filter into business decisions. ", "Bank of America Continues to Ignore Market View of Risk", "BofA CEO Brian Moynihan 'Incensed' People Don't Recognize 'How Much Good' His Employees Do", "Brian Moynihan: We Didn't Think BofA Customers Would Be Ticked Off With The $5 Debit Card Fee", "BofA Debit Fee Plan Led to 20% Jump in Closed Accounts", "No Matter What Brian Moynihan Says, People Are Still Calling For Bank Of America's Break-Up", "Bank of America's Brian T. Moynihan Named Chief Executive Magazine's 2020 CEO of the Year", Bank of America CEO Brian Moynihan sees big pay increase, Bank of America CEO ranks high for corporate jet use, Bank of Americas Moynihan defends his Boston residency, "BofA Chief Moynihan Faces Shareholder Ire as Protests Swirl", https://en.wikipedia.org/w/index.php?title=Brian_Moynihan&oldid=1145773601, This page was last edited on 20 March 2023, at 22:30. The following year there was a similar corporate backlash over North Carolina's ban on transgender individuals using public bathrooms. The lack of full disclosure makes it harder to say. April 23 (UPI) -- There's a growing rift between corporate America and the GOP -- two groups that have long been bedfellows. 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. 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. Why have we not seen better results? Brian Moynihan is the CEO of Bank of America (BOA). Other research shows engagement in social activities like protecting the environment leads to less employee turnover. 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. Bank of America also was named on Peoples Companies that Care list and is the top global bank on Fortunes Change the World list. Effectively, a carbon tax is going around the world through all these commitments. [18], He currently lives in Wellesley, Massachusetts, and frequently commutes between Boston and Bank of America's headquarters in Charlotte, North Carolina using Bank of America's private jets. 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. You and others have been doing this sort of thing for some time. 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. Brian Thomas Moynihan (born October 9, 1959) is an American investment banker, businessman and the chairman and CEO of Bank of America. Are our current environmental and equality woes a failing of capitalism? Early life and education. Were actually buying directly fuel that is zero emissions to replace fuel that would otherwise be burned for our teammates flight. 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 2012, a report titled "Top Corporate Tax Dodgers" was issued in which Moynihan alongside many other CEOs was criticized by Senator Bernie Sanders. Theres just not enough money. | Hannah McKay/Pool via AP, File. [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? She quoted him as saying: "We struck a chord with customers that no one anticipated. April 23 (UPI) -- There's a growing rift between corporate America and the GOP -- two groups that have long been bedfellows. The debate over same-sex marriage is a good case in point. Biography Brian Moynihan Pronunciation, Political Party, House, Raise By Sandra Berko May 23, 2022 Advertisement Brian Thomas Moynihan is an American businessman and the chairman and CEO of Bank of America. The study looked at campaign contributions by more than 3,800 CEOs of S&P 1500 companies between 2000 and 2017. The debate over same-sex marriage is a good case in point. Employees also play an important role driving corporate activism. In 1993, he joined Fleet Boston bank as a deputy general counsel. Governments could try to regulate it. Brian Thomas Moynihan (born October 9, 1959) is an American businessman and the Chairman and CEO of Bank of America. Eventually, Moynihan went to work as a lawyer in the financial sector. Nothings ever simple. Our Standards: The Thomson Reuters Trust Principles. As corporate America moves deeper into stakeholder capitalism, theres political and economic pushback: How is this good for the bottom line? No. When Brian T. Moynihan arrived at Davos in the middle of a Swiss snowstorm in January 2010, just weeks after taking on the top job at Bank of America, he didn't expect to be hit . 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. Member of the Board of Bank of America (2010-) Moynihan was born in Marietta, Ohio in 1959, the sixth of eight children in a Catholic family of Irish descent. 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. On the voting laws, a recent poll found that most people favor legislation that makes it easier to vote, not harder. January 10, 2020. 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. Irish Ancestry, Do you know something we don't? 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. A recent study found that only about 18% of the more than 3,500 people who served as CEOs of companies in the Standard & Poor's 1500 from 2000 to 2017 donated primarily to Democratic candidates, while 58% gave mostly to Republicans. 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. What is The $50 Million Blockchain Research Program? Weve got to ensure the planes are flying on SAF or buy equivalents, which is what were doing. 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. Theres a growing rift between corporate America and the GOP two groups that have long been bedfellows. Public opinion is another factor likely driving the growing rift with the GOP. 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. You want those companies to declare net-zero, put a plan on the table. They met as classmates at Brown University. 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. Once popular opinion hit the halfway point, however, a lot more companies -- including ones led by conservative CEOs -- begin speaking out in favor. In short, what happened was that Moynihan was an executive at FleetBoston Financial, which winded up merging with Bank of America in 2004. To a Spreadsheet or Other File Type. 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.
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