It turns out that we (NLPC), as shareholders in Bank of America, are not the only ones who think Chairman/CEO Brian Moynihan (pictured above) is no longer an effective leader. The New York Post‘s well-resourced business reporter Lydia Moynihan (presumably no relation) has accessed some company insiders who have had some unflattering things to say about the 15-year top executive. From her report earlier this month:
Most major bank CEOs — like Jamie Dimon and David Solomon — have adapted since Donald Trump took office: weighing in on economic policy, getting clarity on issues like tariffs, and publicly acknowledging Trump’s eagerness to work with the business community. They understand, it seems, that an olive branch is the way to stay relevant.
And then there’s Bank of America’s Brian Moynihan, whose longstanding strained relationship with the president seems to be holding back the bank’s ability to evolve, I’ve been told.
One source said that, unlike Solomon and Dimon, Moynihan is largely “in the shadows … he’s not a leader.”
“He is the anti-Jamie Dimon,” a source explained. “He’s holding the bank back.”
Other banks have been able to move on from woke policies that were once de rigueur and reinvent themselves in a way that gives them a seat at Trump’s table — applauding the policies they appreciate and even conducting interviews with the president’s favorite outlets…
“He hasn’t done one M&A deal, he’s done nothing to help the bank grow, and high-level executives are thinking about leaving,” one source who has worked with the bank said.
Sources believe Trump’s victory was essentially a double whammy for the CEO — putting the bank in the crosshairs but also halting his own political aspirations.
Moynihan had been considering ways to make a graceful exit, they say, and had hoped for a senior-level post if Kamala Harris won. While he was eyeing Treasury secretary — a job that basically every single executive on Wall Street fancies — in a Democratic regime, he would likely have settled for less.
The Post report buttresses the arguments NLPC has made in a filing with the Securities and Exchange Commission, which called for Bank of America investors to vote against Moynihan for the board of directors ahead of the company’s annual meeting on April 22.
