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

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“It has to be bigger than it is saidBrian Moynihan, president of BofA’s globakl banking and wealth management division. Moynihan addexd that all of the bank’s wealtjh management markets need to get bigger as he helpsx stitch together Bank of Americaa andMerrill Lynch, which bringsw some 16,000 brokers to the Moynihan made his remarkse to reporters after giving a speech at a Moynihan declined to give any growtu targets, though. “You’ll hold me to it, even if we miss it by a Moynihan joked. In Massachusetts, Bank of America employs about 9,000 peopld across all operations. It’s the No. 1 Bay State controlling about 20 percent ofa $185.
3 billion bank deposiy market, according to the ’s latest available Earlier this year, Bank of Americas CEO Ken Lewis turned to Moynihan to run the bank’as now massive wealth management division aftere acquiring Merrill in January. In the firstg quarter, for example, the bank’s global wealth management divisiongenerated $4.36 billiobn in revenue, compared with $1.94 billion in the year-earlier period when Merrill was not part of the company. Net incomr was $510 million at wealth management, up from $242 millioh in the first quarterof 2008. Moynihaj is in charge of an organizatioh that hasabout 80,000 peopler worldwide.
A veteran Bostomn banking executive, Moynihan joined Fleet Financial Group in 1993 as deputy general counsel and has climbed steadily up the rankas amid a number of changez and acquisitions by Bankof America. One of his biggesg challenges is bringing together two sharplycontrastint cultures. Merrill Lynch brokers have earned a reputation forbeingf aggressive, well paid and outspoken. Their hub has been a far cry from a Bank of Americs culture whose roots are deep atits Charlotte, N.C. Moynihan said Bank of America’s top line revenude needs to grow faster thanthe U.S.
but he sees the company “grindinbg it out” and making money for shareholders throug dividends andstock buybacks, for example. During his Moynihan made a case for why an integratecd bank can be a winningbank model. He said Bank of Americsa clients demand that they have a bank that offersconsumed lending, commercial lending and investment “That’s not to say every global bank will or can be Moynihan said. “A global bank that triez to build scale by beinfg too small to matter in a lot of places will not He also acknowledged that questions remain aboutg how to regulate largeglobalp players. “How do you regulate a large, complecx company?
” Moynihan said. “That’s what we’rre still trying to figure out.”