Bank of America Chief Executive Brian Moynihan has done plenty of cutting since taking the reins in 2010, trimming the bloated U.S. lender through asset sales and thousands of layoffs. Now Moynihan appears ready to grow the bank…moderately.
“The first three years were a lot of addition by subtraction,” Moynihan told PBS in an interview taped on Monday. “The next three years are addition by addition.”
Bank of America will invest in several key franchises, he said, adding personal bankers, mortgage loan officers, investment bankers and corporate bankers. “All things in moderation,” he said.
BofA has quietly been hiring mortgage staffers and commercial and private bankers this year, but the investment banking claim comes as a bit of a surprise. Most rivals are retreating and paring back investment banking teams.
Bank of America Merrill Lynch, however, is on pace to increase its global investment banking market share in the first quarter, so maybe Moynihan sees an opportunity. The firm is also has a more comfortable capital buffer than other banks that narrowly passed their stress test.
Moynihan also laid to rest any claims that he’ll soon burn out in his role as CEO. He called his position “the best job there is,” adding that he could “do this the rest of [his] life.”
Time to Go (eFinancialCareers)
Our survey of 770 financial services professionals suggests people should try getting out of banking before they’re 35 – or risk taking a pay cut.
Hefty Tab (WSJ)
When the dust finally settles, U.S. banks may wind up paying north of $100 billion in legal costs related to the financial crisis, the mortgage crash and the Libor rate-manipulation scandal.
Frustrated Bankers? (Bloomberg)
Wall Streeters love to complain to credit card companies, apparently. Of the four zip codes contributing to the most number of credit card complaints, two are in Manhattan and two are in traditional Wall Street retirement communities: Boca Raton and Palm Beach Gardens.
Salary Hike (eFinancialCareers)
Headhunters and Barclays insiders said the British bank is looking at ways of increasing its investment banker salaries permanently.
A Few Dollars Short (WSJ)
U.K. banks are roughly $38 billion short of meeting year-end capital requirements. Banks will likely need to sell off additional assets or, gulp, retain more earnings. That’ll be no fun for investors or employees.
Family Ties (Bloomberg)
The son of a Wells Fargo board member was paid roughly $1.4 million last year for his work in a unit responsible for investing deposits. “The company was unaware of the family relationship with Mr. Quigley until after the job offer had been made,” the bank said in a proxy filing.
BlackRock Stays Busy (Financial News)
U.S. funds giant BlackRock has named David Blumer, former chief executive of Credit Suisse’s asset management arm, its new head of Europe, the Middle East and Africa. The firm just named former Credit Suisse executive Andy Stewart the co-head of its hedge fund and private equity division.
Buzz Around the Office
Let it All Out (The Telegraph)
If being out of work makes you want to cry, start monetizing those emotions. A U.K. company called Rent-a-Mourner is hiring people to go to strangers’ funerals and weep in front of their family and friends. The going rate is around $65 per hour.
List of the Day: Building Confidence
Acing a job interview requires confidence, which can be tough to find if you’ve been out of work for a while. Try these tips for building up yours.
- Take part in a hobby that you’re good at.
- Try something scary.
- Embrace a mantra.
(Source: AOL Jobs)