Brian T. Moynihan

Brian Thomas Moynihan is an American investment banker, businessman and the chairman and CEO of Bank of America, Inc.(BAC) He joined the board of directors, following his promotion to president and CEO in 2010.

Career :

Moynihan held numerous banking positions before becoming president of consumer and small business banking (SBB) at Bank of America in January 2009.

He joined Fleet Boston bank in April 1993 as a deputy general counsel. From 1999 to April 2004, he served as executive vice president, managing Fleet's brokerage and wealth management division. After Bank of America (BofA) merged with FleetBoston Financial in 2004, he joined BoA as president of global wealth and investment management. He was named CEO of Merrill Lynch after its sale to BoA in September 2008, and became the CEO of Bank of America after Ken Lewis stepped down in 2010. 

On August 25, 2011, CNBC's Drew Sandholm noted that "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. The deal not only surprised the Fast Money traders on Thursday, it also caused them to question Moynihan's credibility."

On September 12, 2011, CNBC's John Carney noted that Moynihan had "once again laid out his company's plan to meet regulatory capital requirements and denied that the bank will have to issue new stock to raise capital ... [Moynihan] says that Warren Buffett's $5 billion counts as Tier 1 Capital. But the markets have largely ignored the investment, most likely because it looks a lot more like debt than capital."

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." She added while Jamie Dimon, JPMorgan Chase's CEO, received a $19 million raise in 2010, Moynihan's salary stayed level at $950,000.

On December 27, 2011, Julia LaRoche wrote in Business Insider that Moynihan "admitted the proposed $5 monthly fee for debit card users wasn't the best idea". She quoted him as saying: "We struck a chord with customers that no one anticipated. We learned our lesson and stopped it." It was later reported that the failed fee plan led to a 20% increase in account closures during the last three months of 2011.

Business Insider noted that "a group of law professors and activists from a non-profit called Public Citizen sent a 24 page petition to Fed Chairman Ben Bernanke and Treasury Secretary Geithner asking them to consider breaking up and reforming Bank of America.

In July 2020, Moynihan was named Chief Executive Magazine’s 2020 CEO Of The Year.

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. This practice has come under scrutiny from some shareholders.