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Brian MoynihanAmerican lawyer and businessman
Date of Birth: 09.10.1959
Country:  USA |
Content:
- Biography of Brian Moynihan
- Early Life and Education
- Banking Career
- Leadership and Controversies
- Criticism and Challenges
- Activism and Personal Life
Biography of Brian Moynihan
Brian Thomas Moynihan, an American lawyer and businessman, is the President and CEO of the financial conglomerate 'Bank of America'. He took over the leadership of 'Bank of America' in 2010, after holding various banking positions.
Early Life and Education
Moynihan was born on October 9, 1959, in Marietta, Ohio. He is the sixth of eight children in a Roman Catholic family with Irish roots. He graduated from Brown University in 1981, specializing in history. During his time there, he was a captain of the rugby team and met his future wife, Susan Berry. Moynihan earned his Juris Doctor degree from the University of Notre Dame before starting his career in Providence, Rhode Island, at the prominent law firm 'Edwards & Angell LLP'.
Banking Career
In April 1993, Moynihan joined 'Fleet Boston Financial' as the Deputy General Counsel of the bank. After the merger of 'Bank of America' and 'FleetBoston' in 2004, he became responsible for overall wealth and investment management at 'FleetBoston'. He was appointed CEO of 'Merrill Lynch' after the corporation was acquired by 'Bank of America' in September 2008. When Ken Lewis stepped down as CEO of 'Bank of America' in 2010, Moynihan succeeded him.
Leadership and Controversies
On August 25, 2011, it was announced that 'Bank of America' would receive $5 billion from renowned investor Warren Buffett, despite previous statements from the conglomerate's investors that there was no need for additional capital. This decision surprised traders on the financial talk show 'Fast Money' and raised questions about Moynihan's trustworthiness. On September 12, 2011, Moynihan outlined his company's plan to meet regulatory capital requirements and denied the need to issue new shares to raise capital.
Criticism and Challenges
In October 2011, it was reported that 'Bank of America' stock prices had been affected negatively in both the stock and bond markets. It was noted that while the CEO of 'JPMorgan Chase' earned $19 million in 2010, Moynihan's salary remained at $950,000. In December 2011, it was revealed that Moynihan admitted the idea of charging a $5 monthly fee to debit cardholders was not the best one. Although he promised to rectify the situation and remove the fees, the closure of accounts increased by 20% in the last three months of 2010.
Activism and Personal Life
A group of law professors and activists from the nonprofit organization, 'Public Citizen', submitted a 24-page petition to Federal Reserve Chairman Ben Bernanke and US Treasury Secretary Timothy Geithner, urging them to consider dissolving and reforming 'Bank of America'. Moynihan is a father of three children.
