Moynihan visits a BofA branch in Charlotte. The CEO is introducing new incentives to attract more money from his best customers.
The reigning champion of bank turnarounds wants me to see firsthand how he plans to kick-start his company's growth. That's why, on this sunny Tuesday morning, Bank of America CEO Brian Moynihan has brought me to a newly renovated BofA branch in Charlotte, a couple of miles from the bank's headquarters downtown. Relaxed and engaged, the chief executive tells employees that he received a silver pin the day before, marking his 20 years of service with the company. "It didn't even bother me that they gave it to me on April Fools' Day," he jokes. Moynihan quizzes the home-loan and wealth-management bankers on how many customers they're referring to one another. Encouraging existing customers to increase their assets with BofA, he explains, is key to his strategy. A 23-yearold teller and recent college graduate named Brandon Nelson steps forward and says, "I'd like to move up to corporate." The CEO volleys right back. "Everyone at corporate should start at the branches," replies Moynihan enthusiastically. "That's the place to learn the business."