Bank of America's Current Chief Executive Officer
Brian Moynihan has been the Chief Executive Officer of Bank of America since 2010. He is responsible for the day-to-day decisions that affect how the bank operates, what products it offers, and how it treats customers.
Before becoming CEO, Moynihan worked his way up through the bank's leadership ranks. He started in the credit card division and held several senior roles before taking the top job. Understanding who leads the bank can help you know who is ultimately accountable for the services you use and the policies that affect your account.
Key Takeaways
- Brian Moynihan has led Bank of America as CEO since 2010 and oversees all major decisions about the bank's operations and customer policies.
- The CEO reports to a Board of Directors, which includes independent members who are supposed to watch over the bank's practices and protect customers.
- Bank of America is a publicly traded company, meaning it is owned by shareholders who buy and sell stock, not by a single person or family.
- If you have a complaint about how Bank of America treats you, you can contact the bank's customer service or file a complaint with the Consumer Financial Protection Bureau, which oversees all banks.
How the Bank's Leadership Structure Works
The CEO does not make decisions alone. Moynihan reports to a Board of Directors — a group of people elected by the bank's shareholders to oversee management and make sure the bank follows the law. The board includes people from outside the bank who are supposed to be independent watchdogs.
Below the CEO are other senior executives who run specific divisions: the head of consumer banking (which handles checking and savings accounts), the head of wealth management, the head of commercial banking, and others. Each of these leaders reports to the CEO and manages thousands of employees.
This structure matters to you because it creates a chain of accountability. If something goes wrong with your account or the way you are treated, you can escalate your complaint up this chain. The CEO and board are ultimately responsible for fixing systemic problems.
What the CEO Actually Controls
The CEO sets the bank's overall strategy and priorities. This includes decisions about which products to offer, how much to charge for services, which communities to serve, and how much money to spend on technology and customer service.
Moynihan's decisions have real effects on Bank of America customers. For example, the bank's fee structure for checking accounts, the interest rates it pays on savings accounts, and the requirements for opening an account all flow from leadership decisions. The CEO also decides how the bank responds to complaints and whether to change policies when customers report problems.
However, the CEO does not control everything. Federal regulators — including the Federal Reserve, the Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau — set rules that all banks must follow. The CEO must operate within those rules.
Who Actually Owns Bank of America
Bank of America is a publicly traded company, which means it is owned by millions of shareholders who buy and sell pieces of the bank's stock on the stock market. No single person or family owns the bank outright.
The shareholders elect the Board of Directors, and the board hires the CEO. In theory, this means the shareholders are the ultimate owners and the board and CEO work for them. In practice, most shareholders are large investment firms and retirement funds, not individual people.
This structure is different from a community bank, which might be owned by a few families or a local group. It means Bank of America's leadership answers to a large, dispersed group of investors rather than to a local community.
How to Contact Bank of America Leadership About Problems
If you have a problem with your Bank of America account or the way you have been treated, you do not need to contact the CEO directly. Instead, start with the bank's customer service line or visit a local branch. Most problems are solved at this level.
If the bank does not resolve your issue, you can file a formal complaint with the Consumer Financial Protection Bureau (CFPB), a federal agency that oversees all banks. The CFPB investigates complaints and can force banks to change their practices or pay money back to customers. You can file a complaint at consumerfinance.gov.
You can also contact your state's banking regulator or attorney general's office. These agencies have the power to investigate banks and take action if they find wrongdoing.
Why Leadership Changes Matter to You
When a new CEO takes over, the bank's direction can shift. A new leader might change fees, improve customer service, cut costs (which can mean fewer branches or staff), or move into new types of business. These changes can affect your account directly.
Moynihan has led the bank through major changes, including the recovery from the 2008 financial crisis, the shift to digital banking, and the rise of new competitors like online banks and fintech companies. His decisions about how fast to modernize the bank's technology and how to compete with these new players shape what services you have access to and how straightforward they are to use.
Frequently Asked Questions
How long has Brian Moynihan been CEO of Bank of America?
Moynihan became CEO in 2010, which means he has led the bank for over a decade. He has navigated the bank through the aftermath of the 2008 financial crisis, major regulatory changes, and the shift to digital banking.
Can I contact the CEO directly with a complaint?
You can send a letter to Bank of America's corporate headquarters addressed to the CEO, but it will likely be routed to the customer service department. For faster results, contact customer service directly or file a complaint with the Consumer Financial Protection Bureau.
Does the CEO decide my interest rates and fees?
The CEO sets the bank's overall pricing strategy and fee structure, but individual branch managers do not have the power to negotiate rates with you. Interest rates and fees are set by the bank's leadership and explore to all customers in the same category.
What happens if the CEO leaves or retires?
The Board of Directors would choose a new CEO from inside or outside the bank. The new leader might change some policies and priorities, which could affect your account over time. The bank's basic operations and your account safety would not change.
Is Bank of America owned by the government?
No. Bank of America is a private company owned by shareholders. The government regulates it but does not own it. The government did provide emergency loans during the 2008 financial crisis, but those were repaid.