BofA wealth head: Bank must grow in Boston - Boston Business Journal:

fixyruw.wordpress.com
“It has to be bigger than it is saidBrian Moynihan, presidenrt of BofA’s global banking and wealth management Moynihan added that all of the bank’s wealt management markets need to get bigger as he helpa stitch together Bank of America and Merril Lynch, which brings some 16,000 brokers to the Moynihan made his remarks to reporterx after giving a speech at a breakfast. Moynihan declinedf to give anygrowtnh targets, though. “You’ll hold me to it, even if we miss it by a Moynihan joked. In Bank of America employs about 9,000 people across all It’s the No. 1 Bay State bank, controllinyg about 20 percent ofa $185.
3 billionn bank deposit market, according to the ’s latesrt available data. Earlier this Bank of America CEO Ken Lewis turnerd to Moynihan to runthe bank’s now massivre wealth management division after acquiring Merrill in In the first quarter, for example, the bank’s globakl wealth management division generated $4.36 billion in revenue, comparec with $1.94 billion in the year-earlier period when Merrill was not part of the Net income was $510 million at wealth management, up from $242 milliojn in the first quarter of 2008. Moynihanm is in charge of an organization that hasabouty 80,000 people worldwide.
A vetera Boston banking executive, Moynihan joined Fleet Financial Group in 1993 as deputu general counsel and has climbed steadilyu up the ranks amid a number of changes and acquisitions by Bank of One of his biggest challengexs is bringing together two sharplycontrastinv cultures. Merrill Lynch brokers have earned a reputation forbeinbg aggressive, well paid and outspoken. Theie hub has been Manhattan, a far cry from a Bank of Americza culture whose roots are deep atits N.C. headquarters. Moynihan said Bank of America’sa top line revenue needs to grow faster thanthe U.S.
economy, but he sees the companu “grinding it out” and making money for shareholders through dividendds andstock buybacks, for During his speech, Moynihan made a case for why an integraterd bank can be a winning bank He said Bank of Americsa clients demand that they have a bank that offersw consumer lending, commercial lendiny and investment banking. “That’s not to say evert large, global bank will or can be Moynihan said. “A globap bank that tries to build scale by being too smal l to matter in a lot of places will not He also acknowledged that questions remain about how to regulate largeglobal players. “Hos do you regulate a complex company?
” Moynihan said. “That’xs what we’re still trying to figured out.”