Brian T. Moynihan

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Brian T. Moynihan
Occupation President and Chief Executive
Employer Bank of America Merrill Lynch

Brian T. Moynihan is president and chief executive of Bank of America Corp. He was promoted to that position from his former position as president of Bank of America Merrill Lynch’s Global Banking and Wealth Management units. The appointment ended an 11-week search with a unanimous boardroom vote. Moynihan took over Jan. 1, 2010, one day after the previously announced retirement of Kenneth D. Lewis, the company's CEO since 2001. [1]

Moynihan now runs the Charlotte, N.C., bank's consumer and small-business operations, including about 6,000 retail branches in the U.S. He is one of the few high-ranking holdovers from the 2004 acquisition of FleetBoston Financial Corp. and has long been considered a potential CEO. Moynihan nearly left last year after spurning an offer to run Bank of America's credit-card unit in Delaware.

He also serves as President, Global Banking and Wealth Management and a director of Bank of America, N.A., FIA Card Services, N.A. and Countrywide Bank, FSB and as Chief Executive Officer of Merrill Lynch & Co., Inc. [2]

On Oct. 2, 2014, Bank of America said that Moynihan would assume the additional role of chairman. To offset Moynihan’s increased power, the board elected Jack O. Bovender Jr. as lead independent director, with the ability to act together with Moynihan to plan, review and approve board agendas, the bank said.[3]

Background

Moynihan took over the position of president of global banking and wealth management at BofA Merrill Lynch in January 2009, replacing Merill Lynch CEO John Thain, who resigned just before Bank of America took over Merill Lynch.[4] [5]

Moynihan served as General Counsel at BofA from December 2008 to January 2009. From October 2007 to December 2008, he served as President, Global Corporate and Investment Banking. From April 2004 to October 2007, he served as President, Global Wealth and Investment Management.

He previously worked at FleetBoston Financial Corporation, where he held the following positions: from 1999 to April 2004, he served as Executive Vice President, with responsibility for Brokerage and Wealth Management from 2000 and Regional Commercial Financial Services and Investment Management from May 2003. He first became an officer of the Corporation in 2004.

Moynihan was born in Ohio.

Education

References

  1. Bank of America Names Brian Moynihan as CEO. The Wall Street Journal.
  2. Brian T., Moynihan Profile. Forbes.
  3. Bank of America Chief Moynihan to Add Chairman Role. The New York Times.
  4. BofA beefs up image with Merrill Lynch icon. Financial Times.
  5. Report: Merrill Lynch CEO Spent Over $1M to Redecorate Office. ABC News.