Brian Moynihan
Brian Moynihan | |
|---|---|
| Born | Marietta, Ohio, U.S. |
| Occupation(s) | Attorney, banking executive |
| Known for | Chairman, president, and CEO of Bank of America since 2010 |
Brian Thomas Moynihan is an American attorney and banking executive who has held the roles of chairman, president, and chief executive officer of Bank of America since 2010.[1]
He occupies leadership positions on the boards of the Council on Competitiveness and the Partnership for Rhode Island.[2] In July 2024, Moynihan was named the 22nd Chancellor of Brown University.[3]
Early life and education
Born in Marietta, Ohio, Moynihan is the sixth child among eight siblings in a Catholic family with Irish roots. He completed his undergraduate studies at Brown University in 1981, majoring in history, serving as co-captain of the rugby team, and meeting his future spouse, Susan E. Berry. He later obtained a Juris Doctor degree from the University of Notre Dame Law School before beginning his legal career at Providence’s largest corporate law firm, Edwards & Angell LLP.
Career
Before ascending to president of consumer and small business banking (SBB) at Bank of America in January 2009, Moynihan accumulated extensive experience in various banking positions.
He entered Fleet Boston bank in April 1993 as deputy general counsel and advanced to executive vice president overseeing brokerage and wealth management from 1999 until 2004. Following Bank of America’s acquisition of FleetBoston in 2004, he was appointed president of global wealth and investment management. After BofA acquired Merrill Lynch in September 2008, Moynihan became its CEO and subsequently succeeded Ken Lewis as Bank of America’s CEO in 2010.
In 2011, Moynihan arranged a $5 billion capital infusion from Warren Buffett, which sparked controversy regarding its classification as Tier 1 Capital amid skepticism within financial markets. That year, Bank of America encountered difficulties in stock and bond markets, including a downgrade by Moody’s; meanwhile, Moynihan’s annual salary remained steady at $950,000 compared to peers such as JPMorgan Chase’s Jamie Dimon.
Moynihan conceded that proposing a $5 monthly debit card fee was a mistake after it triggered a 20% rise in account closures by late 2011. Concurrently, activists and scholars continued advocating for restructuring Bank of America due to concerns about the institution’s size.
According to a November 2023 Bloomberg report, Moynihan had established a succession strategy but planned to retain his CEO and board chair roles for several more years. His total compensation that year amounted to $27.8 million. In 2024, his remuneration increased by 21% to $35 million.
Moynihan is a fellow at Brown University (2016–2027) and participates actively in organizations such as The Business Council and the Business Roundtable.
Criticism
The 2012 shareholder meeting held by Bank of America in Charlotte, North Carolina took place amid protests concerning mortgage servicing issues, declining share prices, and other grievances. Demonstrators were kept outside by police forces using barricades. In response, CEO Brian Moynihan assured shareholders by stating, "you can call us and we will figure it out."
In the same year, Senator Bernie Sanders criticized Moynihan in a report entitled "Top Corporate Tax Dodgers," highlighting that Bank of America paid no federal income tax in 2010 despite earning $4.4 billion in profits and received a $1.9 billion tax refund. The report also condemned the bank’s utilization of tax havens.
In January 2025, President Donald Trump publicly criticized Moynihan for not actively courting "conservative business," to which Moynihan responded that Bank of America serves "everybody." Subsequently, he voiced opposition to what he described as "over-regulation" affecting banks—pointing to onerous requirements for reporting suspicious activities and conducting comprehensive analyses that he argued impede customer access to banking services.
Accolades
In 2020, Moynihan was honored with the "CEO Of The Year" award by Chief Executive magazine, which celebrates exceptional leaders in American business. Later, in 2023, the Greater Boston Chamber of Commerce recognized him as a “Distinguished Bostonian,” and he was also included in Boston Magazine's list of the 150 most influential figures in Boston.
Personal life
Moynihan lives in Wellesley, Massachusetts alongside his wife, Susan, and their three children. He frequently travels between Boston and Bank of America's main office in Charlotte, North Carolina aboard the corporation’s private aircraft. While this travel routine has raised concerns among shareholders, Moynihan justifies it by emphasizing the importance of having a presence in "multiple locations."