Brian Moynihan on financial crisis
From Inside Bank of America: Brian Moynihan on Leadership, AI and Global Growth · · Forbes
“Look, for our company coming out of the financial crisis, we had one in five mortgages in America. Therefore, we had one in five foreclosures. There's nothing that could come can come out of a foreclosure. We did forbearances and redos and modifications all that. We had 50,000 people working on that. That's not a great customer experience. That's when we decided to change the mortgage business to be much more controlled as opposed to going for market. But that was a tough time because you know, we had to go to Congress and testify. We had states all the states after we had to settle lawsuits at 20 We had a $20 billion of charges in a single quarter and we still made money that year.”
On , Brian Moynihan, Chairman & CEO at Bank of America, spoke about financial crisis during Inside Bank of America: Brian Moynihan on Leadership, AI and Global Growth on Forbes.
About Brian Moynihan
Brian Moynihan, chairman and CEO of Bank of America, has been discussing the bank's economic outlook, consumer spending, and investments in artificial intelligence. He stated that the U.S. economy is growing at 2% to 2.1% in 2026, and described consumer spending as resilient, noting that credit and debit card spending grew 5% in the first quarter of 2026 and entertainment spending was up 13% year-over-year in May. Moynihan acknowledged affordability issues related to housing and gas prices, and said he advises mayors to "build more housing" to address supply. He also said the bank's economists predict unemployment will remain around 4.3%. Moynihan addressed concerns about AI's impact on jobs, stating that Bank of America is hiring 4,000 campus recruits, including 2,000 interns and 2,000 permanent hires. He said the bank spent $350 million on AI-related spending in 2026, and that all 200,000 employees have access to AI tools. Moynihan described the bank's approach as ensuring "a human has to stay in the loop." He also discussed the bank's sponsorship of FIFA and its "Sports With Us" program, and announced a $2 million donation to Vet Tix to provide tickets for veterans and first responders. Reflecting on his 17-year tenure as CEO, Moynihan said his leadership approach is to "manage by process" and described his hoped-for legacy as "capitalism done right."