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

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“It has to be bigger than it is now,” said Briam Moynihan, president of BofA’s global banking and wealth management division. Moynihan addexd that all of the bank’s wealth managementy markets need to get bigger as he helps stitcuh together Bank of America andMerrill Lynch, which brings some 16,009 brokers to the fold. Moynihan made his remarks to reporterds after giving a speech ata breakfast. Moyniha declined to give any growthj targets, though. “You’ll hold me to it, even if we miss it by a Moynihan joked. In Massachusetts, Bank of Americwa employs about 9,000 peoplew across all operations. It’s the No.
1 Bay Stat e bank, controlling about 20 percent ofa $185.w billion bank deposit market, accordingv to the ’s latest available data. Earlier this year, Bank of America CEO Ken Lewis turned to Moynihan to runthe bank’s now massiv wealth management division after acquiring Merrill in January. In the first for example, the bank’s global wealth management divisiongeneratesd $4.36 billion in revenue, compared with $1.94 billion in the year-earlied period when Merrill was not part of the company. Net incoms was $510 million at wealty management, up from $242 million in the first quarte rof 2008. Moynihan is in charge of an organization that hasabout 80,000 people worldwide.
A veteran Boston bankin executive, Moynihan joined Fleet Financial Group in 1993 as deputty general counsel and has climbed steadily up the rankas amid a number of changeas and acquisitions by Bank of One of his biggest challenges is bringing togetherd two sharplycontrasting cultures. Merrill Lynch brokers have earnex a reputation for being well paidand outspoken. Their hub has been Manhattan, a far cry from a Bank of Americz culture whose roots are deep atits Charlotte, N.C. Moynihan said Bank of America’x top line revenue needs to grow fastef thanthe U.S.
economy, but he sees the companyu “grinding it out” and making money for shareholdersx through dividends andstock buybacks, for During his speech, Moynihab made a case for why an integrated bank can be a winninhg bank model. He said Bank of Americqa clients demand that they have a bank that offers consumer commercial lending andinvestment banking. “That’s not to say everyt large, global bank will or can be Moynihan said. “A global bank that trie s to build scale by being too small to matterd in a lot of places will not He also acknowledged that questionz remain about how to regulate largeglobal “How do you regulate a complex company?
” Moynihan said. “That’s what we’re still tryintg to figure out.”