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Carroll School of Management

Brian Moynihan

President and Chief Executive Officer, Bank of America



The Current State and Future of Banking

On Thursday, October 14, Brian Moynihan, president and chief executive officer of Bank of America, spoke at the Chief Executives’ Club of Boston about the economic climate, financial regulatory reform, and what Basel III, the capital standard for banks, means to customers. Ronald Sargent, chairman and chief executive officer of Staples, introduced Moynihan.

TAKEAWAYS

“We’ve engaged to hire 1,000 small business banks around the country over the next 18 months to serve companies of three million dollars and under in revenue.” READ TRANSCRIPT AND VIEW VIDEO »

“The key thing that I hear from our client companies, and it is what is holding them back from taking action, is still uncertainty.” READ TRANSCRIPT AND VIEW VIDEO »

“Why does [Basel III] matter to you? If we don’t implement [it] right, our cost of capital goes up, and our costs will have to be passed through to you as customers.”  READ TRANSCRIPT AND VIEW VIDEO »

“We’re going back now … to recheck the [mortgage foreclosure] work and make sure we’ve done it correctly.” READ TRANSCRIPT AND VIEW VIDEO »

PRESS COVERAGE

Wall Street Journal: “BofA to hire 1,000 small-business bankers” READ ARTICLE »

Dow Jones (via Wall Street Journal): “UPDATE: BofA CEO: Foreclosure review will take a ‘few weeks’” READ ARTICLE »

Reuters: “Bank of America CEO says housing market stable” READ ARTICLE »

Boston Globe: “No quick fix: Bank may need weeks to untangle foreclosure mess” 
READ ARTICLE »

Boston Herald: “CEO: Bank of America needs a few weeks to review foreclosures” 
READ ARTICLE »

New England Cable News: “Brian Moynihan addresses foreclosure freeze” VIEW VIDEO »

EVENT PHOTOS

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Brian Moynihan, President & Chief Executive Officer of Bank of America, addresses The Chief Executives' Club of Boston.
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Members of media crowd around Mr. Moynihan following his remarks.
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From left to right: Joseph Petrowski, Chief Executive Officer, Gulf Oil - Cumberland Farms; Brian Moynihan, President & CEO, Bank of America; Ronald Sargent, Chairman & CEO, Staples; Eric Slifka, President & CEO, Global Partners. What a powerful group!
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A "who's who" fills the room. Wow!