Bloomberg Law
Free Newsletter Sign Up
Bloomberg Law
Welcome
Go
Free Newsletter Sign Up

Moynihan Defends BofA Culture in Wake of Blistering Montag Story

May 18, 2021, 3:48 PM

Bank of America Corp. Chief Executive Officer Brian Moynihan said there’s no cultural problem at the bank following a New York Times article that said its No. 2 executive, Tom Montag, fostered an environment in which staff feared losing their jobs and allowed women to be objectified.

“We have over 100,000 women working for our company, they are more satisfied than men and they turn over at a lower rate,” Moynihan said during an interview with CNN on Tuesday. “It is a not a cultural problem, and Tom has done a great job driving that business.”

Tom Montag
Photographer: Jonathan Fickies/Bloomberg

The newspaper ...