While Brain Moynihan has done a good job of projecting Bank of America (NYSE:BAC) as a small, hometown, people friendly bank, as opposed to the “too big to fail” ominous mortgage lending fiasco it had been, the best move he has made was to settle the issue with the Department of Justice.
The article noted made these two distinct achievements to support its opinion:
- Moynihan set those goals, and first unveiled his highly original philosophy of banking, at an investor conference in March 2011. During that event at the baroque ballroom of the Plaza Hotel in Manhattan, Moynihan extolled a model that’s a throwback to the conservative practices of the 1950s. He stated that the problem with banks is that they make tons of money in good years, and give it all back in credit losses when times get tough. The problem, he said, is that in a heady market,