3 Questions: Brian Moynihan, Bank of America’s progress and what’s next
This is a bizjournals.com article.
The chairman and CEO of Charlotte-based Bank of America (NYSE:BAC) feels good about the economy and his company moving into 2016. Interest rates are up, the economy is improving and Bank of America is finally seeing earnings improve after years of cost cutting and sky-high litigation costs.
I sat down with Moynihan after the chamber event to talk more about the bank’s progress in 2015 and what opportunities he sees on the horizon. Here’s a snapshot of the conversation, edited for brevity and clarity:
What progress did you see the bank make in 2015?
We’ve done a great job. In the first three quarters of the year we are starting to get the earnings run back. Especially in the consumer bank, you’ve seen great progress in customer experience, great progress in implementation of new types of activities and mobile technologies. Across the board, we’ve invested in sales people, invested in growth and that’s what we are driving is responsible growth. These aren’t new strategies but it’s fun to see them get more implemented.
Where do you see the largest opportunity for BofA?
We have the biggest wealth management business in the U.S. The opportunity for us is to continue to run that well. If you look at the middle markets business or business banking, which is smaller companies, we’ve added a lot of client relationship managers. And if you look at our general retail bank, we’ve added literally thousands of sales teammates so there’s great opportunity there. The opportunities are for all our businesses to grow by adding more capabilities.
How do you feel about operations in Charlotte?
Charlotte is our headquarters and one of our biggest employee bases in the world. In terms of our market business and Charles Bowman, our market president here, we continue to add resources. Charlotte is one of the top markets in terms of delivering ‘one company’ and they should be proud of that. They could always do a little more and Charles knows that.
Stay tuned for more of my conversation with Moynihan next week.
Hilary Burns covers banking and financial services for the Charlotte Business Journal.