Bank Of America CEO Brian Moynihan 'Incensed' People Don't Recognize 'How Much Good' His Employees Do
Cue the violins. Brian, here's why we are angry.
- Illegal foreclosures.
- Foreclosing on people who don't even have a BofA mortgage.
- Massive stealth bailout from the Fed at 0%.
- TLGP low interest loans from the FDIC while charging customers 30% on credit cards.
- Fraudulent home loans.
- Paying $6 million to Sallie Krawcheck.
- Dumping mortgage fraud liability onto taxpayers via Fannie Mae.
- Putting $50 trillion of your worst derivatives trades from Merrill Lynch into the bank-holding company, thereby putting taxpayers on the hook when you eventually fail.
Sob story from Moynihan below.
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Bank of America Corp. Chief Executive Officer Brian T. Moynihan said he’s “incensed” by public criticism of his company and is pushing back by reminding local leaders of its contributions to their economies.
Moynihan, 52, told employees in a global town hall meeting last week from the firm’s Charlotte, North Carolina, headquarters that the “place to win the battle” over the bank’s battered public image is at the state and municipal level.
Bank of America’s outreach campaign is part of Moynihan’s effort to turn around the lender since he took over as CEO in January 2010 following two taxpayer bailouts. His plan to charge some debit-card users a $5 monthly fee drew reprimands from President Barack Obama and lawmakers, including U.S. Senator Richard Durbin, the Illinois Democrat who said customers should withdraw their deposits in protest.
“I, like you, get a little incensed when you think about how much good all of you do, whether it’s volunteer hours, charitable giving we do, serving clients and customers well,” Moynihan said during the Oct. 18 gathering. To the bank’s critics, he said, “You ought to think a little about that before you start yelling at us.”
Moynihan is laboring to rebuild the bank’s reputation with customers, employees and investors. Even before the debit-card fee sparked protests in Los Angeles and Boston, state attorneys general blamed the bank for using improper documents to justify foreclosures. To help reverse a stock decline this year of more than 50 percent, the lender is cutting expenses by eliminating more than 30,000 jobs.
Bank of America ranked lowest in a 24-bank survey of small business customer satisfaction from J.D. Power and Associates this month. Wells Fargo & Co., Citigroup Inc. and JPMorgan Chase & Co. also were in the bottom five. Earlier this year, Bank of America was named the country’s second-worst company by Consumerist.com after BP Plc, the firm blamed for the worst U.S. offshore oil spill. Consumers Union, the publisher of Consumer Reports that was founded in 1936, owns the website.
Oct 26, 2011 at 3:10 PM
Reader Comments (11)
Moynihan's a lawyer. I hope he's got his "living will" ready to go. (Just to be clear, I mean BAC's "living will," not Moynihan's).
I heard Al Capone once helped a little old lady cross the street...so that charity excuses all his criminality....and his customers were well served...albeit with illegal goods.....unlike Brian's customers, who rated BofA's service last out of 34 banks.
Brian, about those illegally documented mortgages......please place your hands behind your back.......