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Tuesday, January 5, 2010
News / Biz New BofA CEO wants to be part of the solution
Posted By Rhiannon Fionn-Bowman on Tue, Jan 5, 2010 at 1:39 PM
*blink* Are we in a parallel universe? Well, even if we are, this is a welcome change: Accountability.
On his first real day as Bank of America's new CEO, Brian Moynihan flew from his home in Boston to speak to bankers in Raleigh, where he acknowledged that his industry had helped cause the economic crisis and would help end it too.Moynihan also touched on the bank's commitment to the Carolinas, with a short history lesson on the bank's founding in Charlotte in 1874. He drew applause when he told the crowd that Bank of America “has thrived for 135 years as a North Carolina Company, and it will continue to do so.”
Speaking to about 1,000 people, Moynihan acknowledged that the financial services industry acted too fast and loose with its lending, which helped lead to the economic crisis. He did not single out his own employer for particular blame.
“During the last few years, many consumers borrowed more than they should have, and we helped them do it,” Moynihan said, referring to too-loose standards for lending. He also said the banks increased penalty fees to make up for all the free products it offered, and “these fees hit a small group of customers particularly hard as the economy hit the skids.”
Read the rest of this Charlotte Observer article, by Christina Rexrode, and a Q & A with the new CEO, click here.
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