Brian Moynihan, who turned 65 this week, has proven no indication that he might be slowing down within the close to future.
The Financial institution of America veteran has been on the helm of the corporate for almost 14 years, a tenure that’s seen him steer the second-largest financial institution by whole belongings within the U.S via the tail finish of the 2008 monetary disaster, COVID-19, and a post-pandemic inflation surge.
“You study probably the most from robust instances,” Moynihan instructed Bloomberg in 2016. “You learn to actually inspire individuals, maintain individuals on job, and assist individuals after they really feel overwhelmed up at each flip.”
Moynihan has far outlasted the typical seven-year tenure for a Fortune 500 CEO, and he attributes his success as a frontrunner to lifelong studying. “You lose your curiosity, and you’re in your manner out of this firm,” Moynihan mentioned to Fortune in 2017.
Moynihan has been described as a level-headed, reliable, and cautious CEO. In actual fact, former U.S. treasury secretary and CEO of Goldman Sachs Henry Paulson instructed The New York Instances that Moynihan was probably the most underestimated candidates throughout Financial institution of America’s CEO search in 2009. “Guess what: He proved everybody incorrect,” Paulson mentioned, admitting that he was a kind of skeptics. Previous to the nook workplace, Moynihan had served as president of the worldwide wealth and funding administration unit and later normal counsel at Financial institution of America.
Moynihan was in the end elevated to the CEO function as a result of the financial institution’s search committee favored his wealth of expertise, and he formally assumed the nook workplace in January 2010 within the aftermath of the 2008 monetary disaster. After main the financial institution via a number of durations of instability, Moynihan says one in every of his largest takeaways as a frontrunner is contemplating who might be most affected by his selections atop the financial institution. Equally, he encourages his workers to middle Financial institution of America’s purchasers, he says.
As for the perfect management recommendation Moynihan obtained, he says to do all issues carefully. “At all times have a look at what may go incorrect,” he instructed Fortune in 2017. He cautioned that this doesn’t imply to be pessimistic, however as a substitute to try for stability and integrity in every part you do.
Who would possibly change Moynihan when he finally steps down remains to be an open query, however he revealed final yr that the financial institution has a succession plan to make sure that “nothing is left to likelihood.”