Bank of America CEO says endless curiosity is key to his success

The Bank of America veteran has been at the helm of the company for nearly 14 years, a tenure that’s seen him steer the second-largest bank by total assets in the U.S through the tail end of the 2008 financial crisis, COVID-19, and a post-pandemic inflation surge.

“You learn the most from tough times,” Moynihan told Bloomberg in 2016. “You learn how to really motivate people, keep people on task, and support people when they feel beaten up at every turn.”

Moynihan has far outlasted the average seven-year tenure for a Fortune 500 CEO, and he attributes his success as a leader to lifelong learning. “You lose your curiosity, and you are on your way out of this company,” Moynihan said to Fortune in 2017.

Moynihan has been described as a level-headed, dependable, and cautious CEO. In fact, former U.S. treasury secretary and CEO of Goldman Sachs Henry Paulson told The New York Times that Moynihan was one of the most underestimated candidates during Bank of America’s CEO search in 2009. “Guess what: He proved everyone wrong,” Paulson said, admitting that he was one of those skeptics. Prior to the corner office, Moynihan had served as president of the global wealth and investment management unit and later general counsel at Bank of America.  

Moynihan was ultimately elevated to the CEO role because the bank’s search committee liked his wealth of experience, and he officially assumed the corner office in January 2010 in the aftermath of the 2008 financial crisis. After leading the bank through several periods of instability, Moynihan says one of his biggest takeaways as a leader is considering who will be most affected by his decisions atop the bank. Similarly, he encourages his staff to center Bank of America’s clients, he says. 

As for the best leadership advice Moynihan received, he says to do all things in moderation. “Always look at what could go wrong,” he told Fortune in 2017. He cautioned that this doesn’t mean to be pessimistic, but instead to strive for balance and integrity in everything you do. 

Who might replace Moynihan when he eventually steps down is still an open question, but he revealed last year that the bank has a succession plan to ensure that “nothing is left to chance.”