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BofA’s Moynihan Among List of Growth Leaders Recognized by Barron’s

June 17, 2019, 08:00 AM
Filed Under: Industry News
Related: Bank of America

Brian Moynihan, Chief Executive Officer at Bank of America, was recognized as one of the most Influential thought leaders of 2019 by Barron,s Magazine, the Publication announced.

Moynihan, 59, took over in 2010 when Bank of America, still mired in postcrisis legal and regulatory problems, was operating at a loss. In contrast, earnings last year hit a record $28 billion, and the company’s stock market value recently was $265 billion, second in the domestic banking industry to JPMorgan Chase and above longtime rival Wells Fargo.

Moynihan deserves considerable credit for this success. Bank of America now operates the country’s leading consumer and commercial banking franchises, and its wealth management unit, anchored by Merrill Lynch, has the industry’s best margins.

The CEO’s mantra is “responsible growth.” While that might sound like corporate speak, it’s a motivating force for his 205,000 employees. To Moynihan, that means treating customers and borrowers fairly, controlling risk, acting to limit global warming, and “creating the best place for our teammates to work.” For consumers, this translates into no-fee checking accounts if they have direct deposit of at least $250 a month, as well as an option to avoid overdraft fees. For risk control, it means making consumer loans directly, rather than buying them in the secondary market. Says Moynihan: “We look every mortgage customer in the eye.”

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