Brian Moynihan has been Bank of America's chief executive officer since 2010

Brian Moynihan became CEO of Bank of America in 2010 and continues in that role. Before that, he was president of the company's consumer and small business banking division. He joined Bank of America through its 2006 acquisition of MBNA, where he was an executive, and rose through the ranks during the financial crisis and the bank's recovery.

Moynihan reports to the board of directors, which sets strategy and oversees risk management across the company. The board includes independent directors from finance, technology, and other industries, along with the CEO. This structure means Moynihan runs day-to-day operations but does not have unilateral control over major decisions like dividend policy, executive compensation, or risk appetite.

As CEO, Moynihan is responsible for the bank's four main divisions: Consumer Banking, Global Wealth and Investment Management, Global Banking, and Global Markets. Each division has its own leadership team that reports to him. The company employs roughly 200,000 people across the United States and internationally.

Key Takeaways

  • Brian Moynihan has served as CEO since 2010 and oversees all four major business divisions of the bank.
  • The board of directors, not the CEO alone, makes decisions about dividends, executive pay, and risk management.
  • Bank of America's consumer banking division handles checking accounts, savings accounts, credit cards, and mortgages for individual customers.
  • CEO changes at large banks are announced publicly and typically involve a transition period where the incoming CEO works alongside the outgoing one.

What the CEO actually controls

The CEO sets the overall direction of the bank and makes decisions about which businesses to expand, which to shrink, and how to allocate capital. Moynihan has emphasized digital banking, cost reduction, and reducing the bank's exposure to certain types of risk. These choices filter down to how branches operate, which products get promoted, and how the bank invests in technology.

However, the CEO cannot unilaterally change interest rates on your account, set overdraft fees, or decide to close your branch. Those decisions come from division heads and regional management, though they operate within strategy set at the top. Regulators also constrain what the CEO can do—the Federal Reserve, the Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau all have authority over Bank of America's practices.

How CEO succession works at Bank of America

When a CEO steps down, the board appoints a successor from inside or outside the company. Bank of America typically announces the change well in advance and often has the incoming CEO work alongside the outgoing one for a period of months. This transition helps may support continuity and gives the new CEO time to learn the role.

The board also appoints a Chief Risk Officer and a Chief Financial Officer, both of whom report to the CEO and the board. These roles are critical because they oversee whether the bank is taking on too much risk and whether it has enough capital to absorb losses. If you hear about changes in these positions, it often signals a shift in how the bank plans to operate.

Why the CEO matters to your account

The CEO's strategy shapes whether your bank invests in the features you use. If the CEO prioritizes digital banking, the bank will spend more on its mobile app and website. If the CEO focuses on cost-cutting, you may see fewer branches or longer wait times. If the CEO emphasizes risk reduction, the bank may tighten lending standards, which affects who can get a mortgage or credit card.

The CEO also sets the tone for how the bank handles customer complaints and regulatory issues. A CEO who prioritizes customer service may push divisions to resolve disputes faster. A CEO focused on compliance may may support the bank responds quickly to regulatory inquiries. These priorities eventually reach you through customer service policies and how disputes are handled.

The board's role in oversight

Bank of America's board of directors includes 12 to 14 members, most of whom are independent (meaning they do not work for the bank). The board meets regularly to review financial performance, approve major decisions, and assess whether the CEO is performing well. If the board loses confidence in the CEO, it can remove him, though this is rare at large banks.

The board also oversees the bank's compliance with regulations and its management of risks like credit losses, market volatility, and operational failures. When regulators find problems at the bank, they often direct their concerns to the board, not just to management. This means the board has real power to demand change.

How regulatory oversight constrains the CEO

The Federal Reserve, the OCC, and the CFPB all have authority over Bank of America. The Fed sets capital requirements and stress-testing rules that determine how much money the bank must hold in reserve. The OCC examines the bank's operations and can order changes to how it operates. The CFPB investigates consumer complaints and can impose fines or require the bank to change its practices.

This means the CEO cannot straightforward decide to raise overdraft fees, eliminate customer protections, or take on unlimited risk. Regulators review these decisions and can block them if they violate rules or harm consumers. When you file a complaint with the CFPB, it goes into a database that regulators use to assess whether the bank is treating customers fairly.

Frequently Asked Questions

Can the CEO change my interest rate or fees without notice?

The CEO sets overall strategy, but the bank must follow federal rules about notice and timing. For deposit accounts, the bank must give you notice before raising fees or lowering interest rates, usually 30 days. For credit products, rules vary by product type. Check your account agreement or contact the bank directly for specifics on your account.

What happens if the CEO is replaced?

The board appoints a new CEO, usually with advance notice to the public and investors. There is typically a transition period where the new CEO works with the outgoing one. Your accounts and services do not change, though the bank's strategy and priorities may shift over time as the new CEO implements their vision.

Can I contact the CEO about a problem with my account?

You cannot reach the CEO directly, but you can escalate complaints through the bank's customer service channels. Start with your branch or the customer service number on your statement. If you are not satisfied, you can file a complaint with the CFPB, which investigates and can order the bank to take action.

Does the CEO decide whether my loan gets approved?

No. The CEO sets lending strategy and risk appetite, but loan officers and underwriters make individual decisions. They use criteria set by the bank's lending division—criteria that reflect the CEO's overall direction but are applied by people much lower in the organization.

How often does Bank of America change CEOs?

Large banks typically have the same CEO for 10 to 15 years. Moynihan has been in the role since 2010. When a change does happen, it is announced publicly months in advance, and the board usually names a successor from within the company or from another major financial institution.