Brian Moynihan

Brian Moynihan
Born	Brian Thomas Moynihan
Birthplace	Marietta, Ohio, U.S.
Nationality	American
Occupation	Chairman and CEO of Bank of America
Title	Chairman, President, and CEO of Bank of America; 22nd Chancellor of Brown University
Known for	Leading Bank of America since 2010
Education	Brown University (AB) University of Notre Dame (JD)
Spouse(s)	Susan Berry
Children	3

Brian Thomas Moynihan is an American banker, lawyer, and corporate executive who has served as the chairman, president, and chief executive officer of Bank of America, the second-largest bank in the United States by assets. Appointed CEO in December 2009 and assuming the role in January 2010, Moynihan has led the bank through a period of significant transformation following the 2008 financial crisis, overseeing efforts to stabilize its balance sheet, resolve billions of dollars in legacy legal liabilities, and refocus the institution on its core consumer and commercial banking operations. Born in Marietta, Ohio, Moynihan was educated at Brown University and the University of Notre Dame Law School, beginning his career as an attorney before transitioning into banking. He rose through several executive positions at FleetBoston Financial and subsequently Bank of America following the latter's acquisition of FleetBoston in 2004. In July 2024, Moynihan became the 22nd Chancellor of Brown University, succeeding Samuel M. Mencoff. His total compensation for 2025 was reported at $41 million, reflecting a 17 percent increase over the prior year.

Early Life

Brian Thomas Moynihan was born in Marietta, Ohio, a small city along the Ohio River in the southeastern part of the state. He grew up in a large family and was raised in a working-class environment. Moynihan's upbringing in small-town Ohio would later be cited in media profiles as shaping his understated management style and work ethic, characteristics that distinguished him from some of his more flamboyant peers on Wall Street.

Moynihan was active in athletics during his youth and continued his involvement in sports during his college years at Brown University, where he played on the men's rugby team. His connection to Brown rugby remained strong in later years; the university's rugby field was named in recognition of contributions associated with Moynihan and other supporters of the program.

Education

Moynihan earned his Bachelor of Arts degree from Brown University, an Ivy League institution in Providence, Rhode Island. He subsequently attended the University of Notre Dame Law School in Notre Dame, Indiana, where he obtained his Juris Doctor degree. His legal training provided the foundation for his early career in corporate law and would later prove instrumental in his handling of the extensive legal challenges that confronted Bank of America in the aftermath of the financial crisis. Moynihan has maintained close ties to both of his alma maters throughout his career, particularly Brown University, where he was elected as the institution's 22nd Chancellor in July 2024, succeeding Samuel M. Mencoff in the role.

Career

Early Legal and Banking Career

After completing his law degree at Notre Dame, Moynihan began his professional career as a lawyer, practicing corporate law in the Providence, Rhode Island area. He transitioned from law into banking by joining FleetBoston Financial, one of the largest financial institutions in New England, where he held a series of progressively senior executive positions. At FleetBoston, Moynihan gained experience across multiple areas of the banking business, including brokerage services, wealth management, and general banking operations. His broad exposure to different business lines within the firm positioned him as a versatile executive capable of managing complex, multifaceted financial enterprises.

Transition to Bank of America

In 2004, Bank of America completed its acquisition of FleetBoston Financial, one of the largest bank mergers in American history at that time. Moynihan was among the FleetBoston executives who joined the combined organization. At Bank of America, he continued to advance through the executive ranks, taking on leadership roles in the bank's wealth management, investment services, and consumer banking divisions.

Moynihan's rise within Bank of America accelerated during a period of intense turmoil for the institution. The bank's controversial acquisitions of Countrywide Financial in 2008 and Merrill Lynch in early 2009 — both conducted amid the unfolding global financial crisis — generated enormous legal and financial liabilities and led to significant internal and external criticism of the bank's leadership under then-CEO Kenneth Lewis. Lewis announced his retirement in September 2009, setting off a closely watched succession contest among several senior executives.

Appointment as CEO

On December 16, 2009, Bank of America's board of directors announced that Moynihan had been selected as the company's new chief executive officer, effective January 1, 2010. The appointment came after a competitive internal selection process that had included several other candidates. Media reports at the time noted that Moynihan was not initially considered the frontrunner for the position but prevailed in part because of his extensive operational experience and his reputation as a pragmatic problem solver.

Moynihan inherited a bank beset by challenges. Bank of America was contending with tens of billions of dollars in potential losses from toxic mortgage-related assets acquired through the Countrywide deal, as well as integration difficulties related to the Merrill Lynch acquisition. The bank had accepted $45 billion in Troubled Asset Relief Program (TARP) funds from the federal government and was under intense regulatory and public scrutiny.

Stabilization and Restructuring

In his first years as CEO, Moynihan pursued a strategy focused on simplifying the bank's operations, shedding non-core assets, and resolving the legal liabilities inherited from the crisis era. He oversaw the sale of numerous business units and asset portfolios that were deemed peripheral to the bank's core operations. These divestitures were part of a broader effort to strengthen the bank's capital position and reduce its risk profile in line with heightened post-crisis regulatory requirements.

Moynihan's tenure was not without significant controversy during this period. In late 2011, Bank of America announced plans to impose a $5-per-month fee on customers using debit cards for purchases, a move designed to offset lost revenue resulting from the Durbin Amendment, which capped the interchange fees banks could charge merchants. The announcement generated an immediate and intense public backlash, becoming a focal point of broader public anger directed at large banks in the wake of the financial crisis. Consumer groups organized campaigns urging customers to close their Bank of America accounts, and the bank ultimately reported a significant increase in account closures linked to the controversy. Bank of America reversed the fee plan within weeks of announcing it, but the episode drew widespread media criticism of Moynihan's leadership and raised questions about the bank's strategic direction.

Chairman Role and Long-term Strategy

Despite early turbulence, Moynihan consolidated his position at the bank over the following years. In October 2014, the Bank of America board of directors elected Moynihan as chairman of the board, adding the title to his existing role as CEO. The dual appointment came after the bank conducted a shareholder vote on the matter, with shareholders approving a proposal that permitted the combination of the chairman and CEO roles. The decision was not without controversy; some corporate governance advocates and institutional shareholders had argued that separating the two roles provided a more effective check on executive power. However, supporters of the move contended that consolidating the roles under Moynihan provided the stable leadership the bank needed as it continued its post-crisis recovery.

Under Moynihan's long-term stewardship, Bank of America invested heavily in technology and digital banking platforms, seeking to position the institution competitively as consumer banking shifted increasingly to mobile and online channels. The bank's digital assistant, Erica, became one of the more prominent examples of artificial intelligence deployment in consumer banking. Moynihan has spoken publicly about the impact of technology on the banking workforce, comparing the current wave of AI-driven transformation to the introduction of computers in the 1960s, arguing that technological change historically creates new forms of employment even as it displaces existing roles.

Recent Developments

As of early 2026, Moynihan continues to lead Bank of America as its chairman, president, and CEO. In February 2026, the bank's board approved total compensation of $41 million for Moynihan for the 2025 fiscal year, representing a 17 percent increase over his prior-year pay package. The raise reflected the bank's financial performance during 2025, a year in which Bank of America reported strong results as the second-largest U.S. bank by assets. An analysis by Banking Dive noted that while Moynihan's compensation was substantial, newer big-bank CEOs had received proportionally larger raises, reflecting a trend in executive pay related to tenure length.

Under Moynihan's direction, Bank of America announced a $25 billion commitment to private credit in early 2026, signaling the bank's intent to expand into a rapidly growing area of the financial markets despite some industry concerns about risk in the private credit space.

In January 2026, Moynihan expressed optimism about deal-making activity, telling Semafor that "the pipelines are full" and "it's clear you can get a deal done now," reflecting confidence in the environment for mergers and acquisitions and investment banking revenue.

Moynihan has also weighed in on public policy matters affecting the financial system. In late December 2025, he stated publicly that the market "will punish people if we don't have an independent Fed," underscoring the importance of Federal Reserve independence amid broader political debate about the central bank's leadership and autonomy.

In January 2026, Moynihan was notably absent from the White House guest list for a reception held for business leaders at the World Economic Forum in Davos, Switzerland, even as the leaders of other major U.S. banks were invited. The Financial Times reported that the White House had excluded the Bank of America CEO from the event, though the reasons for the omission were not publicly specified.

Personal Life

Moynihan is married to Susan Berry. The couple has three children. The family has resided in the Charlotte, North Carolina metropolitan area, where Bank of America is headquartered. Moynihan has maintained a relatively low public profile compared to some of his banking industry peers, and media profiles have described his personal style as understated and private.

Moynihan has been involved in several civic and nonprofit organizations. He is a member of the board of the Council on Competitiveness and the Partnership for Rhode Island board, among other institutions. His appointment as the 22nd Chancellor of Brown University, effective July 2024, represented the most prominent of his extracurricular institutional roles. The chancellorship is the highest-ranking position on Brown's governing board, the Brown Corporation, and is largely a ceremonial and governance-focused role distinct from the university's day-to-day academic administration.

Recognition

Moynihan's compensation has served as one of the most closely tracked indicators of his standing within the banking industry. His $41 million total compensation for 2025 placed him among the highest-paid bank executives in the United States. Over the course of his tenure, his pay has fluctuated in line with the bank's financial performance and share price, rising as Bank of America's stock recovered from its post-crisis lows and the institution returned to consistent profitability.

His appointment as Chancellor of Brown University in 2024 was noted as a significant institutional honor, reflecting his prominence in both the financial and educational sectors.

Moynihan has been a recurring presence at major economic forums, including the World Economic Forum at Davos, where he has represented Bank of America in discussions about global economic trends, banking regulation, and technology.

Legacy

Brian Moynihan's legacy is closely intertwined with the trajectory of Bank of America during and after the most severe financial crisis since the Great Depression. He assumed leadership of an institution that was, at the time of his appointment, widely regarded as one of the most troubled major banks in the country, burdened by massive mortgage-related losses, regulatory scrutiny, and a deeply eroded public reputation. Over more than fifteen years as CEO, he pursued a strategy centered on simplification, cost discipline, and investment in technology, guiding the bank through the resolution of tens of billions of dollars in legal settlements and toward a more stable and profitable operational footing.

His handling of the debit card fee controversy in 2011 remains one of the most studied episodes of his early tenure, illustrating both the public anger directed at large banks in the post-crisis period and the challenges of adapting to new regulatory constraints on bank revenue. Moynihan's decision to reverse the fee, while seen by critics as a failure of strategic communication, was also interpreted as evidence of a willingness to respond to consumer sentiment.

As one of the longest-serving CEOs among major U.S. banks, Moynihan's influence extends beyond Bank of America to the broader banking industry, where his public statements on issues such as Federal Reserve independence, technology, and deal-making activity are closely followed by investors, regulators, and policymakers. His dual role as a bank CEO and Chancellor of Brown University positions him at the intersection of American finance and higher education, reflecting a pattern of civic engagement that has characterized his career beyond the banking sector.