The close relationship between corporate America and the Republican Party dates back to the 1970s. CEOs who mostly donate to Democrats tend to spend more on their employees, community activities and environmental issues, regardless of their companys profitability. There were complaints from shareholders regarding the bank's mortgage servicing operations, decreased share prices, and other issues. 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. Gender: MaleReligion: Roman CatholicRace or Ethnicity: WhiteSexual orientation: StraightOccupation: BusinessParty Affiliation: Republican, Nationality: United StatesExecutive summary: CEO, Bank of America, High School: Marietta High School, Marietta, OH (1977) University: Brown University (1981) Law School: JD, University of Notre Dame Law School (1984), Bank of America President and CEO (2010-) While I believe CEOs are partly responsible for the growing business-GOP divide, its not the only factor driving it. 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. Moynihan started working at Bank of America because of a merger. 6 on the company's proxy statement, which requests the . This transcript has been edited for length and clarity. The . Following a varied career as a social scientist, presidential aide, and ambassador, Moynihan came to the Senate in 1976 and served 24 years. Indiana University provides funding as a member of The Conversation US. 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. Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as MLPF&S or Merrill) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (BofA Corp.). Write an article and join a growing community of more than 163,500 academics and researchers from 4,609 institutions. When we say were net-zero, that effectively is an internal tax on our carbon usage. But this union has become increasingly strained in recent years over a range of social issues, particularly regarding LGBTQ rights. In 2019, Bank of America was the only financial services company on Fortune magazine's list of The Best Big Companies to Work For . 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? In my own research, Ive found a CEOs political affiliation can affect how a company spends money. Brian Moynihan is the CEO of Bank of America (BOA). 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. Brian Moynihan was born on October 19, 1959, in Marietta, Ohio, USA. We need to have a standardized cost of carbon. Documentaries are incredible; they tell us true stories about a journey or event. 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. In a presentation to the Committee for Economic Development, Moynihan proved that he is as suggested by Free Enterprise Project (FEP) Director Scott Shepard insufferable, delusional [and] fraudulent. In a Townhall commentary, Scott also declared that he must be reined in.. Advertisement. That is, they seem to believe it's simply the right thing to do. [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. "[13], On October 26, 2011, Huffington Post blogger Jillian Berman noted that BoA "has also been hammered in the stock and bonds markets" and "was the worst performer in the Dow Jones Industrial Average for two-quarters straight while Moody's downgraded the bank last month." While I believe CEOs are partly responsible for the growing business-GOP divide, it's not the only factor driving it. 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. Eventually, Moynihan went to work as a lawyer in the financial sector. 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.). Im just trying to get the work done. Lets talk about diversity and inclusion. Surely you jest. July 14, 2021, Fox Business: Barron's Roundtable Thats not fair. 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. All companies are doing that and thats starting to take hold. 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 following year there was a similar corporate backlash over North Carolinas ban on transgender individuals using public bathrooms. 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. 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. Member FDIC.Equal Housing Lender The demand for newer and better has been moving faster and faster, and technology companies are, Read More The 10 Hottest Kickstarter Products of 2017Continue, Claudia Alende is a Brazilian model and businesswoman who you might recognize due to her incredible resemblance to Megan Fox. Employees also play an important role driving corporate activism. Brian Thomas Moynihan (born October 9, 1959) is an American investment banker, businessman and the chairman and CEO of Bank of America. 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. Learn how you can help create a productive, creative, and compassionate work culture. A lot of people who want a loan from us actually need equity. Bank of America does not assume liability for any loss or damage resulting from anyone's reliance on the information provided. "[15] It was later reported that the failed fee plan led to a 20% increase in account closures during the last three months of 2011. Effectively, a carbon tax is going around the world through all these commitments. 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. But there are certain industries that didnt have the diversity record of the financial services industry, for example. He attended Brown University and graduated from there in 1981. 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? [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. Interestingly, he majored in history, which isnt exactly what would come to mind for most people considering his current career. Perhaps unsurprisingly, Moynihan is a family name that sees widespread use in the counties of Cork and Kerry, which fall into said region. Brian Moynihan Biography - Facts, Childhood, Family Life & Achievements 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. Edwards & Angell Staff Attorney (1984-1993) Bank of America was named Worlds Best Bank by Euromoney magazine as well as Americas Most JUST Company by JUST Capital in 2022. Apple CEO Tim Cook escorts US President Donald Trump as he tours Apple Computer plant in Austin, Texas. [Get the best of The Conversation, every weekend. 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. Brian Moynihan is His Own Worst Nightmare - The National Center The lack of full disclosure makes it harder to say. 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. 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. Bank of America executive emerges as big Republican donor | Charlotte Public opinion is another factor likely driving the growing rift with the GOP. However he does like to take on other topics involving some of his personal interests like automobiles, future technologies, and anything else that could change the world. Why corporate America appears to be drifting away from the Republican Party Republicans reacted furiously and warned of retribution, including eliminating tax breaks for companies taking a stand on the issue. You and others have been doing this sort of thing for some time. All in all, Scott concluded that this is a case of the pot calling the kettle black: Brian Moynihan is a messianic menace, who has become a billionaire running a too-big-to-fail bank, and who now wants to use that bank and its owners and clients assets to constrain and diminish the lives of his guarantors (American taxpayers) while he remains a master of the universe. Our turnover rate in 2021 was basically the same as it was in 2019. 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. Its not exactly political activism, but it is actions beyond business.. How is this capitalism? April 23 (UPI) -- There's a growing rift between corporate America and the GOP -- two groups that have long been bedfellows. It just has to now be aligned more to make sure were achieving that in a balanced way. See here for a complete list of exchanges and delays. 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. 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. There are so many different kinds, from humorous to profound, cute to horrific, its not hard to find a documentary for everyone. 2023 The National Center for Public Policy Research, Conservative Shareholder Activists Present Proposals Addressing Abortion, DEI and Fossil Fuels, Horace Cooper: Kamala Harris Is the Most Incompetent Vice President Ever, Introducing the 2023 Corporate Incest Chart. And now its 10 percent, 12 percent. 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. There $6 trillion or $7 trillion per year required to make these changes happen. So we said lets fix that. Download Brian Moynihan's biography (printable PDF format), YouTube:2022 World Citizen Award Dinner Honoring Brian Moynihan, Chair and CEO of Bank of America Company goals are aspirational and not guarantees or promises that all goals will be met. 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. Fleet Boston Deputy General Counsel (1993-99) Brian Thomas Moynihan (born October 9, 1959)[1] is an American investment banker, businessman and the chairman and CEO of Bank of America. 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. Bank of America said it would begin reporting its financed emissions as soon as this year. It is and it isnt. When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies. All the foundations of the world have a couple trillion dollars in them or less. But relatively few CEOs are staunchly liberal, so the impact of the CEO on this trend may be limited. Now youre working across sectors to get the various metrics to converge. In 2016, Bank of. For example, in 2015 many companies including Apple and Walmart denounced so-called religious freedom laws like one passed in Indiana that would allow businesses to discriminate against LGBTQ customers. 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. Rather, the GOP seems to be doing the drifting, not only from corporate America, but the American public as well. Net-zero for them doesnt mean the cars emissions. 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. article ul li { list-style: disc; padding: 5px 0; } from 1999 to present. He Quietly Turned Bank of America Around. 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. Companies were also vocal during former President Donald Trump's presidency over such matters as his travel ban from Muslim-majority countries and his comments following the White supremacist rally in Charlottesville, Va. For some, it seemed like the role he and other Republicans played in laying the ground for the Jan. 6 insurrection at the Capitol may have been the last straw, as dozens of companies, including AT&T and Marriott, said they would cut off donations to the 147 Republicans who voted against certifying President Joe Biden's election. However, that didnt last long because he was the one who succeeded the previous CEO of Bank of America when said individual stepped down in 2010. 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. That means we can do a better job for customers. Bank of America, N.A. 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. He then went on to earn a Juris Doctor from the prestigious University of Notre Dame Law School. Carbon pricing is dead in Congress and President Joe Bidens social cost of carbon is being challenged in court. The industries with the strongest Republican preference were the energy, manufacturing, and chemical sectors. 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. My research suggests there are three driving forces for this trend. 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. Following is the unofficial transcript of a CNBC interview with Bank of America Chairman & CEO Brian Moynihan on CNBC's "Closing Bell" (M-F, 3PM-5PM ET) today, Wednesday, July 14 th. Member of the Board of Countrywide Certain links may direct you away from Bank of America to an unaffiliated site. We learned our lesson and stopped it. (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 next president of the United States. https://www.thefamouspeople.com/profiles/brian-moynihan-49405.php. 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) 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? Since being named CEO in 2010, Moynihan has pushed an environmental, social and governance agenda that seems to be working for shareholders. He says it's important for leaders to consider what's impacting those doing certain projects and how to remove barriers from their work. Theres just not enough money. Transcript: Bank of America CEO Brian Moynihan on "Face the Nation As a result, he became an executive at Bank of America as well, having been put in charge of global wealth and investment management. My research suggests there are three driving forces for this trend. We are saying a flight that our investment banker or our commercial banker takes is a cost. The CEO is the corporations top decider, which means his or her political leanings can filter into business decisions. [17], In July 2020, Moynihan was named Chief Executive Magazines 2020 CEO Of The Year. Brian Moynihan - Wikipedia Sign up for our weekly newsletter.]. Are our current environmental and equality woes a failing of capitalism? M. K. Chin is an assistant professor of management at Indiana University. He later joined Bank of America (BoA) after it merged with FleetBoston Financial in 2004. The answer is, absolutely. Shareholders Have Prospered. Member of the Board of Bank of America (2010-) Recent management research shows that companies with more liberal employees spend more resources on improving gender and race diversity and sustainability issues. From 1999 to 2004, he served the bank as the executive vice president, managing its brokerage and wealth management division. It has to now be aligned to what the world needs it to do in the next stage. We dont need money from governments, frankly. Such an approach was behind the company's moves during the pandemic to offer paid childcare to parents balancing remote work and . In 2008, Moynihan was elected the CEO of Merrill Lynch after BoA acquired it. Corporate executives tend to follow public sentiment, as they want to minimize the risk of losing customers for their products and services. For example, in 2015 many companies including Apple and Walmart denounced so-called religious freedom laws like one passed in Indiana that would allow businesses to discriminate against LGBTQ customers. If theyre really answering that question I think at the end of the day Bank of America will be fine, said Moynihan. Republicans reacted furiously and warned of retribution, including eliminating tax breaks for companies taking a stand on the issue. We have said its a straightforward thing. Bank of America CEO, Banc of America Securities LLC (2008-09) So, looking through an ESG lens, Bank of America has seen the light? We went out to solicit local markets and said, give us funds that are run by diverse entrepreneurs, women, Asian, Black, Hispanic, Native American. If you make metrics part of the official sector, then you can see whos making progress. Its a virtuous circle. Brian is registered to vote in Lucas County, Ohio. Bank of America CEO Brian Moynihan's debt default fears | Fortune He has served as the chairman for Haitian Project, Inc. as well as the director and president of investment banking at the United States Trust Co., NA. Garrett by trade is a personal finance freelance writer and journalist. The study looked at campaign contributions by more than 3,800 CEOs of S&P 1500 companies between 2000 and 2017. It seems like a simple thing. Bank of America CEO Brian Moynihan, left, has said companies need to 'do what's right.' Loren Matthew/AP Images for Bloomberg Global Business Forum CEOs doing 'what we think is right' Companies may be responding to research showing the benefits of listening to their employees and showing their voices matter. Content contained herein may have been produced by an outside party that is not affiliated with Bank of America or any of its affiliates (Bank of America). The time is long before now, but certainly the sooner the better. Once popular opinion hit the halfway point, however, a lot more companies -- including ones led by conservative CEOs -- begin speaking out in favor. [22], In 2012, Moynihan, alongside several other CEO's, faced heavy criticism from Bernie Sanders in a report titled "Top Corporate Tax Dodgers". Daniel Patrick Moynihan: A Featured Biography - Senate The issue is how the car is built. What we need is some help. Until then, very few CEOs had made a public statement on the issue, according to my same-sex marriage research. Talking about his love life, Moynihan is married to Susan E. Berry. 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. For some, it seemed like the role he and other Republicans played in laying the ground for the Jan. 6, 2021, insurrection at the Capitol may have been the last straw, as dozens of companies including AT&T and Marriott said they would cut off donations to the 147 Republicans who voted against certifying President Joe Bidens election. Employees also play an important role driving corporate activism. Weve got to say it isnt fair for developed countries to say, Hey, we did this by fossil fuel burning to make electricity so we can become a prosperous nation. You cant do that. Political donations by US CEOs show strong Republican leanings - Quartz That calculation uses the social cost of carbon in our case. They also found that Republican-leaning CEOs lead companies with almost twice the asset value of companies led by Democratic-leaning executives. The close relationship between corporate America and the Republican Party dates back to the 1970s. Were saying that if were net-zero, that that is a cost. The following year there was a similar corporate backlash over North Carolina's ban on transgender individuals using public bathrooms. Companies arent drifting away from the Grand Old Party. We have a more stable workforce. Were actually buying directly fuel that is zero emissions to replace fuel that would otherwise be burned for our teammates flight. 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 ). Download all contribution records for this person. POLITICO Q&A: Bank of America CEO Brian Moynihan 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 . Our basic viewpoint, and I think the right basic viewpoint, is two or three things. The issue is also the diversity of purchasing power. 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. 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. That can create the market to create the factories to produce the SAF. Bank of America Shareholders Asked to Increase Accountability for 'Woke 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. It just wont happen. This site uses Akismet to reduce spam. Political Campaign Contributions. 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. Brian is registered to vote in Lucas County, Ohio. Number one, our clients are making this transition and our job is to help them make it. Brian D Moynihan (age 53) is listed at 4114 Northmoor Rd Toledo, Oh 43606 and has no known political party affiliation. 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.
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