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. 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) My research suggests there are three driving forces for this trend. Thats a modest mandate. Member of the Board of BlackRock 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. By year end this year, were supposed to do it. 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. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. 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. Bank of America Corp. increased Chief Executive Officer Brian Moynihan's pay by 31% last year after the lender posted record profits. In the environmental world, it has to be a just transition, we have to have energy so all countries can grow and prosper. All quotes delayed a minimum of 15 minutes. Boycotts by several companies, including PayPal and the NCAA, led to a partial repeal in 2017. Brian Moynihan is His Own Worst Nightmare - The National Center Later, Moynihan studied for a Juris Doctor at the University of Notre Dame, which is situated in the state of Indiana. Moynihan works with public officials, businesses and civic leaders at the local level through his participation on the Charlotte Executive Leadership Council, the Massachusetts Competitive Partnership (chair) and the Partnership for Rhode Island. A veteran of Wall Street, Montag is generally considered to be the most powerful executive at Bank of America below CEO Brian Moynihan. 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. Im just trying to get the work done. 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. 20 Countries With the Least Amount of Debt, The 10 Most Expensive Skateboards in the World, The 10 Best Ducati Motorcycles of All-Time. CEOs who mostly donate to Democrats tend to spend more on their employees, community activities and environmental issues, regardless of their company's profitability. Daniel Patrick Moynihan: A Featured Biography - Senate Here are the five most liberal CEOs, according to the firm's rankings: 5. 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." . The . 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.). We went out to solicit local markets and said, give us funds that are run by diverse entrepreneurs, women, Asian, Black, Hispanic, Native American. Bank of America executive emerges as big Republican donor | Charlotte Interestingly, even liberal CEOs said very little until 2011, including those who already provided employees with domestic partner benefits. The following year, he became President of BoAs Consumer and Small Business Banking (SBB). Employees also play an important role driving corporate activism. He Quietly Turned Bank of America Around. If theyre really answering that question I think at the end of the day Bank of America will be fine, said Moynihan. On the voting laws, a recent poll found that most people favor legislation that makes it easier to vote, not harder. Certain links may direct you away from Bank of America to an unaffiliated site. No. Brian D Moynihan (age 53) is listed at 4114 Northmoor Rd Toledo, Oh 43606 and has no known political party affiliation. While I believe CEOs are partly responsible for the growing business-GOP divide, its not the only factor driving it. Companies provided financial support to conservative war chests and in return received business-friendly policies like reduced corporate taxes and regulations. 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. 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. All rights reserved. He is also the CEO of Health & Innovation at Bipartisan Policy Center. Meanwhile, Democrats are trying to capitalize on the fracture. See here for a complete list of exchanges and delays. You regularly award stock to rank-and-file employees at a cost of $3.3 . This seems like a failure of government, carbon pricing. Were saying that if were net-zero, that that is a cost. Brian Moynihan Has Run Bank of America Conservatively. Brian Moynihan and Susan Berry Henry R. Muoz III and Ariana DeBose Gov. Were going to advise those companies. 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 . 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. He is a multi-millionaire. Interestingly, he majored in history, which isnt exactly what would come to mind for most people considering his current career. 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. 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. Our basic viewpoint, and I think the right basic viewpoint, is two or three things. Edwards & Angell Staff Attorney (1984-1993) 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. Bank of America CEO Brian Moynihan on how he plans to trim its - CNBC 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. He joined the board of directors, following his promotion to president and CEO in 2010. 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. Daniel Patrick Moynihan of New York left college teaching to address a larger public audience as an elected official. Weve got to ensure the planes are flying on SAF or buy equivalents, which is what were doing. Every company has said that. This article is republished from The Conversation under a Creative Commons license. That can create the market to create the factories to produce the SAF. Brian Moynihan - $5,979 in Political Contributions for 2020 The second thing is diverse companies werent getting the capital. Theyre changing as fast as they can and the efforts are genuine and they come to a lot of us and say give us your best practices, and we give it to them. It basically provides a deep linking, Read More 10 Things You Didnt Know about Alexander AustinContinue, The cryptocurrency firm called Ripple has put up $50 million for the University Blockchain Research Initiative. Corporate executives tend to follow public sentiment, as they want to minimize the risk of losing customers for their products and services. Instead, businesses are trying to make clear that their concerns are not partisan in nature. | Hannah McKay/Pool via AP, File. He later joined Bank of America (BoA) after it merged with FleetBoston Financial in 2004. However, Moynihan said spending is still . 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. But the markets have largely ignored the investment, most likely because it looks a lot more like debt than capital. [17], In July 2020, Moynihan was named Chief Executive Magazines 2020 CEO Of The Year. 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. It has to now be aligned to what the world needs it to do in the next stage. The 100-plus companies that signed a statement supporting voter rights and against bills that would restrict access emphasized this point. Bank of America Shareholders Asked to Increase Accountability for 'Woke So capitalism didnt fail, because its produced all these wonderful things. Brian Moynihan - $17,099 in Political Contributions for 2008 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. Are CEOs influenced by their own political preferences when deciding whether and how to spend corporate funds on politics? How Much Does It Cost to Attend a St. Louis Blues Game? Contribution Totals. 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. The researchers also looked at how CEO political preferences differ by geography, based on the location of the company headquarters. On the voting laws, a recent poll found that most people favor legislation that makes it easier to vote, not harder. 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. Can He Do More? 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. We need to have a standardized cost of carbon. Bank of America, N.A. 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 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. Went through Some Changes Because of the Great Recession, 9. Advertisement. Political donations by US CEOs show strong Republican leanings - Quartz April 5, 2022. BOA has (un)distinguished itself as one of the key purveyors of ESG activism. 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. 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. 3 min read. Brian is registered to vote in Lucas County, Ohio. The debate over same-sex marriage is a good case in point. https://www.thefamouspeople.com/profiles/brian-moynihan-49405.php. Sign up for our weekly newsletter.]. 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 was born in Marietta, Ohio in 1959, the sixth of eight children in a Catholic family of Irish descent. To read all of Deconstructing Brian Moynihan at the Townhall website, click here. Lloyd Blankfein, Goldman Sachs ( GS ). 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. The 100-plus companies that signed a statement supporting voter rights and against bills that would restrict access emphasized this point. Mr. Moynihan earned $32 million in 2021, which includes $1.5 . 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. What youre doing is putting a perpetual motion machine called capitalism to drive this change. Irish Ancestry, Do you know something we don't? Its not exactly political activism, but it is actions beyond business.. The most liberal and conservative CEOs - Yahoo Finance The CEO is the corporation's top decider, which means his or her political leanings can filter into business decisions. Political Campaign Contributions. That calculation uses the social cost of carbon in our case. 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. With over 10 years experience he's covered businesses, CEOs, and investments. 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. Applying neutrality conditions to BOAs too-big-to-fail status is the tool. Companies may be responding to research showing the benefits of listening to their employees and showing their voices matter. Why corporate America appears to be drifting away from the Republican Party 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 . "We have . Number one, our clients are making this transition and our job is to help them make it. 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. We are saying a flight that our investment banker or our commercial banker takes is a cost. Bank of America CEO, Banc of America Securities LLC (2008-09) Learn how you can help create a productive, creative, and compassionate work culture. Brian Moynihan Biography, Age, Height, Wife, Net Worth, Family The time is long before now, but certainly the sooner the better. 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. Corporate executives tend to follow public sentiment, as they want to minimize the risk of losing customers for their products and services. 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 . 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. Governments could try to regulate it. 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. To be classified as Republican or Democratic, at least two-thirds of the executives donations had to go to either party; otherwise they were classified as neutral. Overall, roughly 57% of the CEOs were classified as Republicans, and about 19% as Democrats. 'Don't lose sight of why': Bank of America CEO Brian Moynihan on importance of ESG in business, Americas Banker: Brian Moynihan, 2020 CEO Of The Year, How Bank of America's CEO is Combating Economic Inequality, Banker of the Year 2020: Brian Moynihan, Bank of America, BofAs CEO Kept Workers on the Job During the Pandemic, and Pledged Big Bucks to Tackle Inequality, Congressional Medal of Honor Foundation Board, National Museum of African American History and Culture, YouTube:2022 World Citizen Award Dinner Honoring Brian Moynihan, Chair and CEO of Bank of America. 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. 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. Rather, the GOP seems to be doing the drifting, not only from corporate America, but the American public as well. 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. Then society wants to hold them accountable. Protesters converged outside the building, which they were barred from entering by police and metal barricades. 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. 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. Boys & Girls Clubs of America Kerry Victory 2004 National Republican Congressional Committee Sandhills PAC 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. Eventually, Moynihan went to work as a lawyer in the financial sector. Interestingly, even liberal CEOs said very little until 2011, including those who already provided employees with domestic partner benefits. That means we can do a better job for customers. 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 . Net-zero for them doesnt mean the cars emissions. Are CEOs influenced by their own political preferences when deciding whether and how to spend corporate funds on politics? The report also includes criticisms of Bank of America's use of tax havens. As corporate America moves deeper into stakeholder capitalism, theres political and economic pushback: How is this good for the bottom line? 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. Such an approach was behind the company's moves during the pandemic to offer paid childcare to parents balancing remote work and . 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. Of course, Munsterman refers to a person from the Irish region of Munster. 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. April 23 (UPI) -- There's a growing rift between corporate America and the GOP -- two groups that have long been bedfellows. 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. Brian Moynihan is the CEO of Bank of America (BOA). But this union has become increasingly strained in recent years over a range of social issues, particularly regarding LGBTQ rights. 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.. 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. The industries with the strongest Republican preference were the energy, manufacturing, and chemical sectors. Like its name states, the project is meant to encourage universities to conduct R&D in relation to blockchain. So the cost of carbon enables you to value that internal tax. 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. April 23 (UPI) -- There's a growing rift between corporate America and the GOP -- two groups that have long been bedfellows. Moynihan also didn't seem overly concerned that any geopolitical tension between the US and China stemming from the recent spy balloon incident will have a lasting impact on the global economy.. After earning his Juris Doctor from the University of Notre Dame Law School, Brian Moynihan joined Edwards & Angell LLP. Copyright 2023 United Press International, Inc. All Rights Reserved. He has seven siblings. POLITICO Q&A: Bank of America CEO Brian Moynihan Were actually buying directly fuel that is zero emissions to replace fuel that would otherwise be burned for our teammates flight. Reporting by Dan Freed; Editing by Diane Craft. He must be reined in. After Bank of America (BofA) merged with FleetBoston Financial in 2004, he joined BoA as president of global wealth and investment management. 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. BofA Lifts CEO Brian Moynihan's Pay 31% for 2021 to $32 Million 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. We have a more stable workforce. Assistant Professor of Management, Indiana University. [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. The people who ran the private equity firms are the people who form them, which means they generally arent diverse. More than a decade ago, Bank of America CEO Brian Moynihan was one of a handful of bankers to write to Congress warning lawmakers how terrible it would be to default on the country's debt . The company went from like a 20 percent down to 15 percent turnover. On top of that, Moynihan was actually the co-captain of the rugby team as well. 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.