Dick Bové’s absence (and the Countrywide debacle and bailout disaster and Brian Moynihan’s not-always-rosy pronouncements) have really done a number of Bank of America’s image. And while Bové tried to make up for lost time yesterday*, it simply isn’t enough to avoid a massive new advertising campaign designed to convince people that BofA isn’t as bad as it seems.
Moynihan announced the marketing push with his usual aplomb.
“It just boils down to being better than we are today,” said Mr. Moynihan from a United Parcel Service Inc. facility in Maryland. UPS is a client of Bank of America.
He’s just a branding executive’s dream-come-true, isn’t he? Move over, Brian, and let the silver-tongued Anne Finucane, BofA’s in-house marketing guru, handle it.
“Coming out of the financial crisis, we were confronted with a serious set of challenges,” said Ms. Finucane on the internal video. “We have fundamentally reshaped who we are.”
“Do you think Bank of America’s going to go out of business? … If it’s not, then do you think the mortgage lawsuits will go away eventually?” he asked one guest, referring to the massive backlog of claims filed by private and government buyers of B of A’s mortgage-backed securities. And if it’s safe to assume that the bank won’t go out of business and will eventually resolve those claims, Bove concluded, “So why should they matter?”