Name: Bank of America's CEO Has Some Advice for Wells Fargo's Tim Sloan
Uploaded: 2020-01-03
Duration: 2 min 56 s
Description: Brian Moynihan shares his thoughts.

 Brian, I'm sure you've been hearing from your customers about Wells Fargo. They want to know what Bank of America's sales practices are. They're worried. What are you telling them? We tell them what we've been telling them for-- before I ever knew this was going on, which is we love our purpose. We come to work every day to help people live their financial lives. If we focus on the customer, there will not be a problem. And that's how we built the business, whether it's a large company or an individual consumer. What is your policy on this cross-selling? You have customers who come to you for fair trading. You have customers who have come to you for mortgage accounts or banking accounts. How do you handle cross-selling? Our viewers we want the primary checking account they have in the household. So the idea is we have what we call stairstep, which is we want the primary relationship in each of those categories the customer. So how many we have is not as important as, for each customer, do we get the depth? Because we can reward the customer and give them benefits for that-- higher rates on their savings, lower rates on a car loans-- all because they do more with it. It's that client pricing that drives a relationship, and that's how we drive the business. When this whole news broke about Wells Fargo, what did you do internally at Bank of America to make sure everything was going just as you described? We felt comfortable in how we run the business. We went to checked, like everybody checked, but the regulators are conducting examinations across the industry, across all the companies. And so what we've been out now is supplying information in that process. And so far, so good. Yeah. The regulators are now investigating all the banks, but at the end of the day, is it possible that this whole mess at Wells Fargo is going to create a whole other layer of rules and regulations for all the banks, including Bank of America? Is that a concern for you? I'm not sure, because I think, if you back away from it and think about it, the Consumer Bureau, the consumer sales practices, and things like that are heavily regulated today. And if there's things that come out of all this that are better practices, we'll do them. Do you know Tim Sloan, the new CEO at Wells Fargo? I do. You do? And have you talked to him? Do you think he can rebuild trust? I'll leave that up for other people to say, because-- his board and his team. But he's a good man, and he'll work hard, I'm sure. If Tim Sloan, this new CEO of Wells Fargo, came to you and asked for your advice on how he can rebuild trust at his bank, what would you tell him? Well, I can reflect back on what other people told me at the time, and think of-- you can't imagine how much you have to communicate in times of trouble, in times of stress, because a lot of times the people didn't hear you before, they heard somebody else's interpretation of what you said. And that communication when you think you've said it and you think people should write it down and understand it, you think they heard you. You just have to keep doing-- and then every action you take has to be true to that, because they're watching to make sure you really are doing what you're saying. 

Bank of America's CEO Has Some Advice for Wells Fargo's Tim Sloan

Leadership

Ryan. I'm sure you've been hearing from your customers about Wells Fargo. They want to know what Bank of America sales practices are. They're worried. What you telling them? We tell them what I've been telling for before. I ever knew this was going on. Which is we love our purpose. We come to work every day to help people live their financial life. We focus on the customer. There will not be a problem. And that's how we build the business. Whether it's a large company, an individual consumer, what is your policy on this cross selling? You have customers who come to you for trading. You have customers who have come to you for a mortgage accounts or banking the pounds. How do you handle cross our viewers? We want the primary checking account. They haven't household and when? So the idea is we haven't called stair step, which is we want the primary relationship in each of those categories of customer. So how many we have is not as important for each customer. Do we get the depth because we can award the customer and give them benefits for that? Higher rates on their savings, lower rates on a car loans all because they do more with us. And so it's that client service that drives the relationship, that that client pricing that drives relationship on. And that's how we drive. When this whole news broke about Wells Fargo, what did you do internally at Bank of America to make sure everything was going just described? We felt comfortable how we run the business we want check like everybody checked. The regulators are conducting examinations across the industry across all the company's. So what we've been out now is supplying information of that process. And so far, so good. Yeah, I mean, regulators are now investigating all all the banks, but at the end of the day, is it possible that this whole mess and Wells Fargo is going to create a whole another layer of rules and regulations for all the banks between Bank of America? I'm not sure, because I think of you back away from and think about it. That consumer bureau, the consumer sales practices, things like that are heavily regulated today. And if there's things that come out of all this that are better practices, well, do do you know Tim Sloan of the new CEO of Wells Fargo. You do? And have you talked to him? Do you think you can rebuild trust? I leave that up for other people to psychos his board, but he's a good man and work hard. I'm sure if Kim Sloan, the new CEO of Wells Fargo, came to you and asked for your advice on how he could rebuild trust at his bank. What would you tell him? I reflect back, but I other people told me at the time and thinking You can't imagine how much you have to communicate in time of trouble in times of stress because a lot of times people didn't hear you before they hurt somebody else's interpretation of what you said and that communication that what you think you said it. You think people should write it down and understand it? You think they heard you? You just have to keep doing in Every action you take has to be true because they're watching to make sure you really are doing what you're saying.