Photo: Brown Daily Herald
Today, in his first big speech since he took over as Bank of America’s CEO less than a year ago, Brian Moynihan laid out a very likeable plan.It looks as though he’s taken everything the public doesn’t like about Wall Street to heart and doing the opposite.
Look at what Moynihan says will be his main focus, courtesy of the Wall Street Journal’s briefing on the speech, and what it seems like a direct response to.
Public opinion: Wall Street’s focus on big profits not only caused, but sped up financial crisis Read more
Moynihan’s speech: More modest–and less volatile–profits
Public opinion: Wall Street should not prop trade Read more
Moynihan’s speech: Turning its focus from growing earnings and assets to returning more profits to the bank’s stockholders
Public opinion: Wall Street banks should not be allowed to be “too big to fail” Read more
Moynihan’s speech: Closing branches and shrinking operations to lower overhead as part of those efforts
Public opinion: Wall Street banks should focus more on consumer banking Read more
Moynihan’s speech: Focusing on customers and clients
His speech might have been boring, but it’s good business and great PR.