BofA may not yet be done implementing all the ideas Team Project New BAC came up with after “fanning out around the company to ask employees low-and high-level for ideas on [how to] reduce expenses.” Continue reading »
Brian Moynihan
Brian Moynihan Has Already Spent A Year Apologizing To Shareholders, Please Don’t Make Him Handle Another Confrontation
By Bess Levin
Earlier this week, in an interview with Bloomberg TV, Morgan Stanley CEO James Gorman was asked how he would respond to employees expressing disappointment with this year’s bonuses. Perhaps at his wits end with compensation complaining, perhaps to indicate there is a new James Gorman in town and he is not to be fucked with, perhaps to get it through his staff’s thick skulls that they ought to WAKE UP, perhaps because he thinks the building is getting overcrowded, Gorman said he’d tell them three things: “You’re naive, read the newspaper, No. 1. No. 2, if you put your compensation in a one-year context to define your overall level of happiness, you have a problem which is much bigger than the job. And No. 3, if you’re really unhappy, just leave. I mean, life’s too short.” When asked the same question by the same organization today, Brian Moynihan was slightly less aggressive in his answer. I mean, he’d like you to stay but he’s not going to force anyone to do anything they’re not comfortable with. Don’t get him wrong he wants you to be there but please can we not have any intense discussions about it? Stay/go just please keep him out of it. The idea of you yelling at him makes his stomach turn. He can’t do it. He won’t. Continue reading »
Brian Moynihan has suggested everyone gird their loins to soften the kick in the pants they’re about to receive. Continue reading »
Cuts are said to have gone down at the House of Moynihan yesterday. Continue reading »
On December 17, 2009, Ken Lewis introduced to the company the guy who would be taking over his job, Brian Moynihan, by telling the audience that one of his successor’s “unique characteristics” was that he “actually wanted the job,” a reference to the fact that no one else, literally, did. While Moynihan was undoubtedly aware that the new gig would not carry the same prestige or money as running Goldman, or the groupies that come with running JPMorgan, or the pony rides that come with running Citi, one thing that apparently came as a surprise to him– but that those who turned down the position could foresee– was that this job? Really, really sucks.
In the beginning, if indeed Bri-O reached that conclusion as well, he kept it to himself, maintaining a stiff upper lip. But as the fruits of Countrywide founder Angelo Mozilo’s labor really began to blossom and Moynihan? Started to lose it. Continue reading »
On Thursday night Stephen Schwarzman delivered the keynote speech at the Alfred E. Smith Memorial Foundation Dinner, an annual Catholic charity fund-raiser named in honor of the former governor of New York. By tradition, the keynote speaker of the 66-year-old event is supposed to deliver a mostly humorous speech, and Mr. Schwarzman’s roughly 15-minute peroration was laced with humor…[Such as] the line that brought the house down: “Brian Moynihan is here tonight. He’s the C.E.O. of Bank of America. As many of you know, Brian’s brother Patrick runs a Catholic boarding school in Haiti. Their parents must be so proud to see two of their boys running an underfunded, nonprofit organization. Even Mr. Moynihan, who was in the audience, laughed.” [Dealbook]
Something you may have picked up on is that lately? Customers are not so happy with their banks, particularly if their banks are Bank of America or Citigroup. The websites apparently never work, there are the rage-inducing fees, and there’s the general feeling that Brian Moynihan and Vikram Pandit? Don’t actually care about them. When was the last time Brian or Vik called, huh? When was the last time they did something nice, for no reason other than wanting to? When was the last time they thought to say “You look really pretty tonight”? Can’t remember, stopped counting and not since the checking account was opened. And while it would be one thing if every other bank treated its customers like they were expendable, some don’t. Take Société Générale Group-owned-Komerční Banka. Not only do they act like they really care but give people a reason to be loud, proud customers. Continue reading »
Since Bank of America announced it’s intent to charge $5 fees on debit cards holder choosing to use their debt card in any given month, the Charlottte-based bank has been on the receiving end of a whole lot of shit. Obama tut tutted the move, Dick Durbin told customers to “get the heck out of that bank,” and a purse-wielding Fox Business anchor vowed to “show Bank of America just what I think of their fees.” For a while, Brian Moynihan held his tongue, refusing to respond to the haters. Today, his spirits diminished but not yet broken, he found his voice. Standing up for himself, for his employees and for his teammates on the company softball team, Moynihan let the world know that BAC is a person, BAC has feelings, BAC has a right to express itself, BAC can make its own decisions and BAC doesn’t have to answer to you or to anyone! Continue reading »
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Banks
Warren Buffett: Brian Moynihan Has About 3-5 Years Of Toilet Scrubbing Ahead Of Him
By Bess Levin
And then? BofA will be snapping necks and cashing checks. Continue reading »
He may be in a mood. Continue reading »
Cuts apparently continued at Moyhinan’s House of Fun yesterday. Continue reading »
