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brian moynihan political party

    brian moynihan political party

    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. A recent study found that only about 18% of the more than 3,500 people who served as CEOs of companies in the Standard & Poors 1500 from 2000 to 2017 donated primarily to Democratic candidates, while 58% gave mostly to Republicans. To a Spreadsheet or Other File Type. From 1999 to 2004, he served the bank as the executive vice president, managing its brokerage and wealth management division. April 23 (UPI) -- There's a growing rift between corporate America and the GOP -- two groups that have long been bedfellows. 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. The lack of full disclosure makes it harder to say. Read More The Top 20 Grossing Documentaries of All-TimeContinue, Alexander, or Alex, Austin is the CEO of Branch Metrics. If governments would put a line or two into these communiqus SAF at 10 percent that would create an industry which frankly would go right through that 10 percent. Moynihan was put on the spot by billionaire investor Wilbur Ross at an annual fundraising dinner for the Japan Society in New York when he was asked about a possible Trump presidency. [22], In 2012, Moynihan, alongside several other CEO's, faced heavy criticism from Bernie Sanders in a report titled "Top Corporate Tax Dodgers". We believe that the principles of a free market, individual liberty and personal responsibility provide the greatest hope for meeting the challenges facing America in the 21st century. 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. 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. [10], He joined Fleet Boston bank in April 1993 as a deputy general counsel. We asked them to put a price on carbon, to say its X, so we can all shoot at X, as opposed to now where one person says its this, one person says its that, how much capture is worth, or offsets or reduction. Boycotts by several companies, including PayPal and the NCAA, led to a partial repeal in 2017. February 6, 2020, Bloomberg Markets and Finance He joined the board of directors, following his promotion to president and CEO in 2010. Moynihan talked with POLITICO about what the bank has been up to and what business needs from government to help it reach environmental goals. Boys & Girls Clubs of America Kerry Victory 2004 National Republican Congressional Committee Sandhills PAC Republicans reacted furiously and warned of retribution, including eliminating tax breaks for companies taking a stand on the issue. Ross, who is Chairman and Chief Strategy Officer at Invesco Ltd subsidiary WL Ross & Co, interviewed Moynihan on stage for 20 minutes as guests ate the first course of cold smoked fish. This practice has come under scrutiny from some shareholders. Are CEOs influenced by their own political preferences when deciding whether and how to spend corporate funds on politics? 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. Edwards & Angell Staff Attorney (1984-1993) 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. Brian Moynihan, chief executive officer of Bank of America Corp., speaks during a Bloomberg Television interview at the Goldman Sachs Financial Services Conference in New York, on Tuesday, Dec.. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. The following year there was a similar corporate backlash over North Carolina's ban on transgender individuals using public bathrooms. He also is a co-chair of the Steering Committee of the Council for Inclusive Capitalism and co-chair of the Sustainable Markets Initiative, which was founded by His Majesty King Charles III in his former role of His Royal Highness The Prince of Wales. They also found that Republican-leaning CEOs lead companies with almost twice the asset value of companies led by Democratic-leaning executives. Our basic viewpoint, and I think the right basic viewpoint, is two or three things. To read all of Deconstructing Brian Moynihan at the Townhall website, click here. Rather, the GOP seems to be doing the drifting, not only from corporate America, but the American public as well. He has seven siblings. Here are the five most liberal CEOs, according to the firm's rankings: 5. The 100-plus companies that signed a statement supporting voter rights and against bills that would restrict access emphasized this point. Other research shows engagement in social activities like protecting the environment leads to less employee turnover. But the markets have largely ignored the investment, most likely because it looks a lot more like debt than capital. It just has to now be aligned more to make sure were achieving that in a balanced way. Bank of America General Counsel (2008-09) Public support for allowing gay people to marry surpassed 50% for the first time in 2011 its now at 67%. Bank of America CEO, Banc of America Securities LLC (2008-09) 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.. 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. Thats a modest mandate. Those who are interested in seeing the St. Louis Blues play at the Enterprise Center should be happy to know that they arent one of the NHLs more expensive teams to watch. The report also includes criticisms of Bank of America's use of tax havens. 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. He Quietly Turned Bank of America Around. Here are 10 things that you may or may not have known about Brian Moynihan: When used as a personal name, Brian is both Irish and Breton in origin. 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. The efforts have doubled down. Since being named CEO in 2010, Moynihan has pushed an environmental, social and governance agenda that seems to be working for shareholders. Companies aren't drifting away from the Grand Old Party. Read the original article. In 2011, Moynihan accepted $5 billion in capital from Warren Buffet. 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 latest incident involves a restrictive voting law passed in Georgia with dozens of other states working on their own measures meant to limit voting. 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." . Theres just not enough money. [2][3][4], Moynihan was born in Marietta, Ohio October 9, in 1959,[1] the sixth of eight children in a family of Irish descent. Bank of America reported record profits last year even as it upped spending on employee day care and mental health. He joined the board of directors, following his promotion to president and CEO in 2010. Were actually buying directly fuel that is zero emissions to replace fuel that would otherwise be burned for our teammates flight. Lloyd Blankfein, Goldman Sachs ( GS ). By year end this year, were supposed to do it. Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsement. We may earn a commission from links on this page. We believe in the and. In the past, Moynihan has also worked for Travelers Aid Society of Rhode Island, Countrywide Bank, and LaSalle Bank Midwest NA. The couple has three children. She added while Jamie Dimon, JPMorgan Chase's CEO, received a $19 million raise in 2010, Moynihan's salary stayed level at $950,000. 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. So our clients are at risk if they make that wheel unless they understand how they make the transition so they can be in that supply chain. Capitalism, development, yes, its good. siblings: Kathryn Moynihan, Patrick Moynihan, education: Brown University, University Of Notre Dame, https://flickr.com/photos/worldeconomicforum/39897974383, https://flickr.com/photos/worldeconomicforum/24407231942, https://flickr.com/photos/charlotteworld/32306038254, https://flickr.com/photos/bostoncatholic/20894610703, https://www.youtube.com/watch?v=F429iY-GFRE. That can create the market to create the factories to produce the SAF. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue. One of the Bank Executives Targeted By Bernie Sanders. 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. Sign up for our weekly newsletter.]. The industries with the strongest Republican preference were the energy, manufacturing, and chemical sectors. [23], "A look at Bank of America's new CEO Brian Moynihan", "Bank of America names Brian Moynihan as new CEO", "Bank of America Board of Directors Elects Brian Moynihan CEO", "Brian Moynihan Elected Chairman of the Board of Directors | Bank of America Newsroom", "Moynihan, in running for Bank of America's top job, has experience winning tough fights", "Bank of America Names Brian Moynihan General Counsel", "Know Your BofA CEO Candidate: Brian Moynihan", "Is Brian Moynihan's Credibility Hurt By Warren Buffett Deal? We started this a long time ago to drop employee churn and have people be more career-oriented. But corporate America isnt necessarily moving away from the Republican Party and toward the Democrats. April 23 (UPI) -- There's a growing rift between corporate America and the GOP -- two groups that have long been bedfellows. What youre doing is putting a perpetual motion machine called capitalism to drive this change. June 7, 2022, Bloomberg Equality Summit Copyright 2023 United Press International, Inc. All Rights Reserved. Companies provided financial support to conservative war chests and in return received business-friendly policies like reduced corporate taxes and regulations. Companies provided financial support to conservative war chests and in return received business-friendly policies like reduced corporate taxes and regulations. Download all contribution records for this person. [16], 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. This article is republished from The Conversation under a Creative Commons license. A 2017 survey found that 89% of employees said they'd accept a reduced salary to work at a company whose values match their own. Moynihan was born in Marietta, Ohio in 1959, the sixth of eight children in a Catholic family of Irish descent. He later joined Bank of America (BoA) after it merged with FleetBoston Financial in 2004. Insurance and annuity products are offered through Merrill Lynch Life Agency Inc. (MLLA), a licensed insurance agency and wholly-owned subsidiary of BofA Corp. Investment products offered through MLPF&S and insurance and annuity products offered through MLLA: Bank of America" is the marketing name for the global banking and global markets business of Bank of America Corporation. Brian Thomas Moynihan (born October 9, 1959) is an American investment banker, businessman and the chairman and CEO of Bank of America. Company goals are aspirational and not guarantees or promises that all goals will be met. 6 on the company's proxy statement, which requests the . Take sustainable aviation fuel. 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. | Hannah McKay/Pool via AP, File. 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. Ideology score: 4.9L. Surely you jest. [14], 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". The CEO is the corporations top decider, which means his or her political leanings can filter into business decisions. ", "Bank of America Continues to Ignore Market View of Risk", "BofA CEO Brian Moynihan 'Incensed' People Don't Recognize 'How Much Good' His Employees Do", "Brian Moynihan: We Didn't Think BofA Customers Would Be Ticked Off With The $5 Debit Card Fee", "BofA Debit Fee Plan Led to 20% Jump in Closed Accounts", "No Matter What Brian Moynihan Says, People Are Still Calling For Bank Of America's Break-Up", "Bank of America's Brian T. Moynihan Named Chief Executive Magazine's 2020 CEO of the Year", Bank of America CEO Brian Moynihan sees big pay increase, Bank of America CEO ranks high for corporate jet use, Bank of Americas Moynihan defends his Boston residency, "BofA Chief Moynihan Faces Shareholder Ire as Protests Swirl", https://en.wikipedia.org/w/index.php?title=Brian_Moynihan&oldid=1145773601, This page was last edited on 20 March 2023, at 22:30. My research suggests there are three driving forces for this trend. Bank of America said it would begin reporting its financed emissions as soon as this year. July 14, 2021, Fox Business: Barron's Roundtable Can He Do More? 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 idea is to produce for all of them. When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies. CEOs who mostly donate to Democrats tend to spend more on their employees, community activities and environmental issues, regardless of their company's profitability. 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. So capitalism didnt fail, because its produced all these wonderful things. It just wont happen. 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. Thats for us to do so he can remain a master of the universe.. Brian Moynihan is the CEO of Bank of America (BOA). Until then, very few CEOs had made a public statement on the issue, according to my same-sex marriage research. Brian Moynihan. The . You want those companies to declare net-zero, put a plan on the table. Then in 2010, he was promoted to CEO of BoA after Ken Lewis stepped down.Currently, Moynihan is also the chairman of several other organizations, including the World Economic Forum International Business Council, The Financial Services Forum, and Bank Policy Institute. Our diverse supply chain buying produces contracts for diverse suppliers, $2 billion-plus a year now. 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. Until then, very few CEOs had made a public statement on the issue, according to my same-sex marriage research. While I believe CEOs are partly responsible for the growing business-GOP divide, its not the only factor driving it. Later, Moynihan studied for a Juris Doctor at the University of Notre Dame, which is situated in the state of Indiana. [8], Moynihan held numerous banking positions before becoming president of consumer and small business banking (SBB) at Bank of America in January 2009. We need to have a standardized cost of carbon. In the Northeast and in the West, Republican CEOs outnumber Democratic CEOs by less than 2-to-1, while Republican CEOs are about seven times as numerous as Democratic CEOs in both the Midwest and South. We are worried about the environment, youve seen massive movements of people out of poverty worldwide. Fleet Boston EVP, Brokerage and Wealth Management (1999-2004) Employees also play an important role driving corporate activism. When hes not running Bank of America, Brian Moynihan is preaching the gospel of doing well by doing right. The company went from like a 20 percent down to 15 percent turnover. In my own research, I've found a CEO's political affiliation can affect how a company spends money. 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. 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 . '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. Theres a growing rift between corporate America and the GOP two groups that have long been bedfellows. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards. She quoted him as saying: "We struck a chord with customers that no one anticipated. Content contained herein may have been produced by an outside party that is not affiliated with Bank of America or any of its affiliates (Bank of America). 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. Learn how you can help create a productive, creative, and compassionate work culture. 2008 Election Cycle. Then society wants to hold them accountable. The alliance has arguably been quite a success for Big Business. Interestingly, even liberal CEOs said very little until 2011, including those who already provided employees with domestic partner benefits. If youre in the supply chain for an auto company and you make wheels for the car, at some point those buyers say Im net-zero. The debate over same-sex marriage is a good case in point. 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. 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.". 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 . And if you look at the small private equity firms, even larger ones, there are two basic holes. Banks and investors take heat for not simply cutting polluters loose. Brian Moynihan - $5,979 in Political Contributions for 2020, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions 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. Brian is registered to vote in Lucas County, Ohio. Public opinion is another factor likely driving the growing rift with the GOP. He joined the Board of Directors, following his promotion to President and CEO in 2010. On top of that, Moynihan was actually the co-captain of the rugby team as well. But relatively few CEOs are staunchly liberal, so the impact of the CEO on this trend may be limited. They also found that having a female CEO was associated with increased transparency. Bank of America President, Global Corporate and Investment Banking (2007-08) Irish Ancestry, Do you know something we don't? 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. Its not exactly political activism, but it is actions beyond business.. 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) January 10, 2020. 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. In response to the criticisms of the bank's mortgage servicing operations, Moynihan tried to reassure the audience, saying "you can call us and we will figure it out". Recent management research shows that companies with more liberal employees spend more resources on improving gender and race diversity and sustainability issues. With over 10 years experience he's covered businesses, CEOs, and investments. See here for a complete list of exchanges and delays. He joined Merrill Lynch in 2008 from Goldman Sachs, just. 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. The close relationship between corporate America and the Republican Party dates back to the 1970s. 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' This seems like a failure of government, carbon pricing. But as you know, the sticking power of those regulations ebb and flow. Talking about his love life, Moynihan is married to Susan E. Berry. CEOs who mostly donate to Democrats tend to spend more on their employees, community activities and environmental issues, regardless of their companys profitability. That calculation uses the social cost of carbon in our case. 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. Youre hearing about turnover rates and the great resignation. His father worked as a chemist while his grandfather was a lawyer. A dispatch from the world of modern work. 2023 Bank of America Corporation. Well be doing that the next few months. Once popular opinion hit the halfway point, however, a lot more companies including ones led by conservative CEOs begin speaking out in favor. Following is the unofficial transcript of a CNBC interview with Bank of America Chairman & CEO Brian Moynihan on CNBC's "Closing Bell" (M-F, 3PM-5PM ET) today, Wednesday, July 14 th. To some people, he is best-known for the streamlining of Bank of America in the wake of the Great Recession, which has put the financial institution on a much more solid foundation. Download Brian Moynihan's biography (printable PDF format), YouTube:2022 World Citizen Award Dinner Honoring Brian Moynihan, Chair and CEO of Bank of America Meanwhile, Democrats are trying to capitalize on the fracture. Our Standards: The Thomson Reuters Trust Principles. Lets talk about diversity and inclusion. Protesters converged outside the building, which they were barred from entering by police and metal barricades. The 100-plus companies that signed a statement supporting voter rights and against bills that would restrict access emphasized this point. The lack of full disclosure makes it harder to say. 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. Are our current environmental and equality woes a failing of capitalism? Perhaps unsurprisingly, Moynihan went through some rather significant changes because of the Great Recession. What is The $50 Million Blockchain Research Program? Interestingly, even liberal CEOs said very little until 2011, including those who already provided employees with domestic partner benefits. The study looked at campaign contributions by more than 3,800 CEOs of S&P 1500 companies between 2000 and 2017. Net-zero for them doesnt mean the cars emissions. 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. In 2016, Bank of. Weve got to say it isnt fair for developed countries to say, Hey, we did this by fossil fuel burning to make electricity so we can become a prosperous nation. You cant do that. In 2012, a report titled "Top Corporate Tax Dodgers" was issued in which Moynihan alongside many other CEOs was criticized by Senator Bernie Sanders. 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.). 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. 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. But there are certain industries that didnt have the diversity record of the financial services industry, for example. You regularly award stock to rank-and-file employees at a cost of $3.3 . The push for more restrictive voter laws continues the battle over the election. 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. Advertisement Bank of America ( BAC) CEO Brian Moynihan sees his firm not only as a legacy bank, but as a financial technology company on the cutting edge of digital . The close relationship between corporate America and the Republican Party dates back to the 1970s. When we say were net-zero, that effectively is an internal tax on our carbon usage. So, Read More What is The $50 Million Blockchain Research Program?Continue.

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