Word: moynihan
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...Moynihan has also made a concerted effort to connect with regulators. Most characterize his predecessor Lewis as indifferent when it came to politicians and policymakers. But Moynihan has prioritized Washington relations, meeting frequently with regulators. Treasury Secretary Timothy Geithner and Moynihan have met three times in so many months. Says one Administration official of Moynihan, "He's a breath of fresh...
...Bank of America employees say Moynihan has been been able to lift morale at the bank, which was battered by the financial crisis. After Bank of America struck a deal to buy Merrill Lynch in late 2008, many of Merrill's employees fled. Now some are coming back. Recently, two top Merrill veterans Todd Kaplan and Sam Chapin rejoined the firm. "When I left it was chaotic around here," says Kaplan, an executive vice chairman at Merrill. "Now the place feels like Merrill did in the 1990s. There's none of the infighting. It's terrific...
...Kaplan says Moynihan has impressed clients as well. One thing he hears a lot from clients that have met Moynihan is that he seems very genuine. "That says a lot for a CEO," says Kaplan. "He hasn't lost touch." (See 25 people to blame for the financial crisis...
...Ironically, Moynihan almost didn't stick around long enough at the bank to become its CEO. In late 2008, former CEO Ken Lewis reportedly considering firing Moynihan, who had joined the bank after its 2004 acquisition of FleetBoston Financial, after the executive turned down the post of head of the bank's card division. Lewis even had a press release drafted announcing Moynihan's departure. The bank's board of directors, however, convinced Lewis to keep Moynihan, who was made the bank's chief legal officer and then the head of its retail operations before becoming...
...Moynihan seems to have a deep understanding of the numbers that are key to each one of his bank's divisions," says analyst Bove. "He is really extraordinarily impressive...