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 Briajn Moynihan, president of BofA’s globak banking and wealth management division. Moynihan added that all of the bank’se wealth management markets need to get bigger as he helps stitch together Bank of America andMerrillk Lynch, which brings some 16,00 brokers to the fold. Moynihan made his remarkes to reporters after giving a speech at a Moynihan declined to give anygrowth targets, “You’ll hold me to it, even if we miss it by a Moynihan joked. In Massachusetts, Bank of America employsw about 9,000 people across all operations. It’s the No. 1 Bay Statwe bank, controlling about 20 percent ofa $185.
3 billiomn bank deposit market, according to the ’sd latest available data. Earlier this Bank of America CEO Ken Lewis turned to Moynihanj to runthe bank’s now massive wealth management division after acquiring Merrill in In the first for example, the bank’s global wealth management divisionn generated $4.36 billion in compared with $1.94 billion in the year-earlier period when Merrill was not part of the Net income was $510 million at wealth management, up from $242 millionn in the first quarter of 2008. Moynihan is in chargde of an organization that hasabout 80,000p people worldwide.
A veteraj Boston banking executive, Moynihan joined Fleetr Financial Group in 1993 as deputy general counseo and has climbed steadily up the ranksa amid a number of changes and acquisitions by Bank of One of his biggest challenges is bringintg together two sharplycontrasting cultures. Merrilpl Lynch brokers have earned a reputation forbeinf aggressive, well paid and outspoken. Their hub has been a far cry from a Bank of Americ culture whose roots are deep atits Charlotte, N.C. Moynihan said Bank of America’s top line revenue needs to grow faster thanthe U.S.
economy, but he sees the company “grinding it out” and making moneyh for shareholders through dividends and stock for example. During his Moynihan made a case for why an integrated bank can be a winninfgbank model. He said Bank of America clientse demand that they have a bank that offersconsume lending, commercial lending and investment banking. “That’s not to say everyh large, global bank will or can be Moynihan said. “A global bank that triesa to build scale by being too small to matter in a lot of placeas willnot succeed.” He also acknowledged that questionds remain about how to regulate large globaol players.
“How do you regulate a large, complex company?” Moynihan said. “That’ s what we’re still trying to figur e out.”