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 globa l banking and wealth management division. Moynihanh added that all of the bank’s wealth management markets need to get bigger as he helpws stitch together Bank of Americsa andMerrill Lynch, which brings some 16,000 brokers to the Moynihan made his remarks to reporterxs after giving a speech at a breakfast. Moynihanb declined to give anygrowth targets, though. “You’lo hold me to it, even if we miss it by a Moynihan joked. In Massachusetts, Bank of America employs about 9,000 people across all operations. It’s the No. 1 Bay State controlling about 20 percent ofa $185.
3 billiobn bank deposit market, according to the ’ss latest available data. Earlier this Bank of America CEO Ken Lewis turned to Moynihajn to runthe bank’s now massive wealth managemenrt division after acquiring Merrill in In the first quarter, for the bank’s global wealth management division generates $4.36 billion in revenue, compared with $1.94 billion in the year-earliefr period when Merrill was not part of the Net income was $510 million at wealth up from $242 million in the first quarter of 2008. Moynihan is in chargee of an organization that hasabout 80,000 peopl e worldwide.
A veteran Boston banking Moynihan joined Fleet Financial Group in 1993 as deputh general counsel and has climbed steadily up the ranks amid a numberd of changes and acquisitions by Bank of One of his biggest challenges is bringint together two sharplycontrasting cultures. Merril Lynch brokers have earned a reputation forbeing aggressive, well paid and Their hub has been Manhattan, a far cry from a Bank of Americw culture whose roots are deep at its Charlotte, N.C. Moynihan said Bank of America’s top line revenue needw to grow faster thanthe U.S.
but he sees the company “grinding it out” and making money for shareholdersx through dividends andstockj buybacks, for example. During his speech, Moyniha n made a case for why an integrated bank can be a winninhgbank model. He said Bank of Americwa clients demand that they have a bank that offereconsumer lending, commercial lending and investment “That’s not to say evergy large, global bank will or can be successful,” Moynihan said. “A global bank that trieds to build scale by being too smalp to matter in a lot of places will not He also acknowledged that questions remain about how to regulate largeglobal players.
“How do you regulate a complex company?” Moynihan “That’s what we’re still trying to figure out.”