As a result, he became an executive at Bank of America as well, having been put in charge of global wealth and investment management. The industry wants a mandate for sustainable aviation fuel as a percentage of total fuel used. Instead, businesses are trying to make clear that their concerns are not partisan in nature. 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. 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. Until then, very few CEOs had made a public statement on the issue, according to my same-sex marriage research. Companies aren't drifting away from the Grand Old Party. There were complaints from shareholders regarding the bank's mortgage servicing operations, decreased share prices, and other issues. We found 100 of them, we did $300-plus million in commitments to those funds. 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. 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. Of course, Munsterman refers to a person from the Irish region of Munster. Shareholders Have Prospered. February 6, 2020, Bloomberg Markets and Finance 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. Transcript: Bank of America CEO Brian Moynihan on "Face the Nation But as you know, the sticking power of those regulations ebb and flow. In my own research, Ive found a CEOs political affiliation can affect how a company spends money. The CEO is the corporations top decider, which means his or her political leanings can filter into business decisions. Download all contribution records for this person. 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. BofA CEO on future of banking: 'We're clearly a technology company' Shareholders Have Prospered. Indiana University provides funding as a member of The Conversation US. 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. 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 . 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. Moynihan serves as chair of the companys Global Diversity and Inclusion Council and is a member of the museum council for the Smithsonians National Museum of African American History and Culture. 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. 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' 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. Bank of America Shareholders Asked to Increase Accountability for 'Woke Im just trying to get the work done. Brian Moynihan - $17,099 in Political Contributions for 2008 Once popular opinion hit the halfway point, however, a lot more companies -- including ones led by conservative CEOs -- begin speaking out in favor. '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. 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. Irish Ancestry, Do you know something we don't? 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. 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. 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. 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. "[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." 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. I have high confidence that the powers of office will be able to shape people into being whats good for America. Brian Thomas Moynihan (born October 9, 1959)[1] is an American investment banker, businessman and the chairman and CEO of Bank of America. If you make metrics part of the official sector, then you can see whos making progress. Moynihan talked with POLITICO about what the bank has been up to and what business needs from government to help it reach environmental goals. We have said its a straightforward thing. Here are the five most liberal CEOs, according to the firm's rankings: 5. Bank of America CEO Brian Moynihan has pushed an environmental, social and governance agenda since taking over in 2010. 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 . Bank of America CEO Brian Moynihan's debt default fears | Fortune 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.. Bank of America Shareholders Asked to Increase Accountability for 'Woke He says it's important for leaders to consider what's impacting those doing certain projects and how to remove barriers from their work. In 1993, he joined Fleet Boston bank as a deputy general counsel. 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. Companies arent drifting away from the Grand Old Party. BofA Lifts CEO Brian Moynihan's Pay 31% for 2021 to $32 Million Brian Moynihan - $5,979 in Political Contributions for 2020 Download Brian Moynihan's biography (printable PDF format), YouTube:2022 World Citizen Award Dinner Honoring Brian Moynihan, Chair and CEO of Bank of America Public support for allowing gay people to marry surpassed 50% for the first time in 2011 its now at 67%. Public support for allowing gay people to marry surpassed 50% for the first time in 2011 -- it's now at 67%. Were saying that if were net-zero, that that is a cost. 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. Brian Moynihan - $5,979 in Political Contributions for 2020, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions 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. Lloyd Blankfein, Goldman Sachs ( GS ). 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. 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. We talk about delivering on the genius of the and, which is we have to deliver for our shareholders and for society. See here for a complete list of exchanges and delays. But this union has become increasingly strained in recent years over a range of social issues, particularly regarding LGBTQ rights. 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 ). Corporate executives tend to follow public sentiment, as they want to minimize the risk of losing customers for their products and services. By industry, the most transparency could be found at companies in the energy, health, and utility sectors (which are heavily regulated areas, and the pressure for transparency may be greater). Brian Moynihan Biography, Age, Height, Wife, Net Worth, Family The time is long before now, but certainly the sooner the better. [10], On August 25, 2011, CNBC's Drew Sandholm noted that "[d]espite having recently told investors Bank of America doesn't need to raise capital, CEO Brian Moynihan will accept $5 billion in capital from famed investor Warren Buffett. Until then, very few CEOs had made a public statement on the issue, according to my same-sex marriage research. The deal not only surprised the Fast Money traders on Thursday, it also caused them to question Moynihan's credibility. [7][8] He earned a Juris Doctor from the University of Notre Dame Law School,[9] before returning to Providence, Rhode Island to join Edwards & Angell LLP, the city's largest corporate law firm. 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. Assistant Professor of Management, Indiana University. Travelers Aid Society Net-zero for them doesnt mean the cars emissions. (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. 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 . But corporate America isn't necessarily moving away from the Republican Party and toward the Democrats. [22], In 2012, Moynihan, alongside several other CEO's, faced heavy criticism from Bernie Sanders in a report titled "Top Corporate Tax Dodgers". The push for more restrictive voter laws continues the battle over the election. Sign up for our weekly newsletter.]. Brian Moynihan. 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.