Most major bank CEOs — like Jamie Dimon and David Solomon — have adapted since Donald Trump took office: Weighing in on economic policy, getting clarity on issues like tariffs, and publicly acknowledging Trump’s eagerness to work with the business community. They understand, it seems, that an olive branch is the way to stay relevant.
And then there’s Bank of America’s Brian Moynihan, whose long-standing strained relationship with the president seems to be holding back the bank’s ability to evolve, I’ve been told.
One source said that, unlike Solomon and Dimon, Moynihan is largely “in the shadows … he’s not a leader.”
“He is the anti-Jamie Dimon” a source explained. “He’s holding the bank back.”
Other banks have been able to move on from woke policies that were once de-rigueur and reinvent themselves in a way that gives them a seat at Trump’s table — applauding the policies they appreciate and even conducting interviews with the president’s favorite outlets.
But insiders say Moynihan’s resistance goes deeper than simply playing politics — they think it’s because he “won’t take any risk,” period.
“He hasn’t done one M&A deal, he’s done nothing to help the bank grow, and high level executives are thinking about leaving,” one source who has worked with the bank said.
One analyst who spoke on the condition of anonymity said there may be an upside to a more cautious approach, “There is a flip side … if it turns out there is a lot of froth in the market, the aversion to risk might pay off.”
Despite joking he is “still having fun” 15 years into his tenure, the last few months haven’t exactly been a joyride for Moynihan.
A source close to BoA notes that it’s still one of the top investment banks in the world.
This week, it was reported that BoA slashed 200 investment banking jobs, on the tailwind of 150 heads being chopped in the markets and banking divisions last month.
“Part of business is getting beat up… but he’s just having everyone grind it out rather than grow,” a source with knowledge of the bank’s operations adds.
“He just fires people to make margins better” — rather than focusing on acquisitions or pushing for more dealmaking, one employee said.
In January, the CEO faced a public lashing from Trump at Davos over alleged debanking practices.
“I hope you start opening your bank to conservatives, because many conservatives complain that the banks are not allowing them to do business within the bank … What you’re doing is wrong,” Trump said in a virtual appearance as Moynihan sat on stage.
Sources believe Trump’s victory was essentially a double whammy for the CEO — putting the bank in the crosshairs but also halting his own political aspirations.
Moynihan had been considering ways to make a graceful exit, they say, and had hoped for a senior level post should Kamala Harris win. While he was eyeing treasury secretary — a job basically every single executive on Wall Street fancies — in a Democrat regime, he would likely have settled for less.
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