Name: How Bank of America's CEO Rescued the Bank from Financial Crisis
Uploaded: 2020-01-03
Duration: 3 min 13 s
Description: Brian Moynihan explains

 Brian, what do you think is the most important characteristic of being a great leader? I'd say the most important thing, when you lead a large organization, is to actually understand, no matter what decision it is, who it affects most and what they're going to feel like when the decision is made. So if we're going to change a policy and say x, I want the people working for me running a business to say, I know what the last person who has to actually do that feels, not what the idea was. Ideas are easy. You've got to make sure you're going to implement it. Many people say that the ultimate test of leadership comes in a time of crisis. You certainly got a big dose of that during the financial crisis. What was the most important leadership lesson you've learned through all of that? I think it was really-- the most important leadership lesson during a crisis was really focus on why you're here, and what your purpose is, and get people refocused on what you do that's very good for your customers and clients. That then allowed you to bring everything in behind. You went through a lot of dramatic changes, as you went through that financial crisis. How did you inspire, encourage people to keep coming to work and to stick it out? It's interesting, because we measure our employees' satisfaction, and it rose. And you say, well, how'd that happened? That's because people believe that we were doing the right thing, that we were going to serve customers well, we were going to be competitive. It wasn't as clear to the outside world, and that then reverberates in our teammates. So you just have to communicate, what's in it for our customers and clients, and what's in it for you as being part of our company? And just keep encouraging them. And now, as we're a bit on the other side of all this, they all say, oh, we knew that all the time. believe me, there was a little more question about it at times that they'd ask me. What's a leadership skill that you wish you knew back then, that now you know today? I'd reframe that just a hair and say, the key thing about a leader-- the key thing about anybody, but the key thing about a leader is always be curious. Never quit learning. And as you get more and more senior, more and more people around you will say, well, I'll take care of that for you. And that doesn't mean you do everything. It means you have to be curious about what's next, and curious to challenge yourself to the core, curious to challenge a basic business model, curious to challenge what new technologies will bring. It's all about being curious. So I don't think that's a trait necessarily that being the top person has. That's a trait that I'd say, when I talk to the youngest people our company, if you lose your curiosity, you're on your way to-- out of this company. So Brian, in your career, you've been a lawyer, you've been a banker, you've held many senior executive roles on your rise up of Bank of America. But what's the best leadership advice that you ever received, and why did it shape you as a leader? Well, I think the best leadership advice I ever got was all things in moderation. Never over-believe that you're right. Never over-believe that your people are right. Always look to think about what could go wrong. Now, that doesn't mean to be pessimistic, doesn't mean don't be aggressive, but you're always going to have your mind. Because you're the last call of whether, if this doesn't work, you'll be here tomorrow-- if you're on the last call, if this doesn't work, the financial stress-- and so you have to-- all things in moderation, and keep balance and keep integrity. So while you have to win, and be aggressive, and win the market, all things in moderation. 

How Bank of America's CEO Rescued the Bank from Financial Crisis

Leadership

Why What do you think is the most important characteristic of being a great leader said the most important thing when you lead a large organization is to actually understand, no matter what decision it is, who it affects most and what they're gonna feel like when a decision. So we're gonna change of policy, say, X. I want the people working for me running a business to say I know what the last person who has actually do that feels not what the idea was. Ideas are easy. You gotta make sure you get a member minute. Many people say that the ultimate test of leadership comes in a time of crisis, and you certainly got a big dose of that during the financial crisis. What is the most important leadership lesson you learn to all of that? I think it was really the most important leadership about lesson during a crisis. It was really focused on why you're here in what your purpose is to get people re focused on what you do. That's very good for your customers and clients that then allowed to bring everything you went through a lot of dramatic changes, a CZ you went to the financial crisis. How did you inspire? Encourage people to keep coming to work and stick it out? You know, it's interesting. We measure of satisfaction and it rose and you say, Well, how that happened. That's because people believe that we were doing the right thing, that we're gonna serve customers well, we're gonna be competitive. It wasn't clear to the outside world, and that been reverberates teammates. You just have to communicate what's in it for our customers, clients. What's in it for you as being part of our company and just keep encouraging him. And now, because we're a bit on the other side of all this and they all say We knew that all the time. Believe me, there was a little question about times they'd ask, What the leadership skill that you wish you knew back then that now you know, today. But I refrained that just a hair and say the key thing about a leader. You think about anybody but the key thing about leaders, always curious, never quit learning. And you, as you get more and more senior, more, more people around you, we'll say, Well, I'll take care of that for you, and that doesn't mean you do everything. It means you have to be curious about what's next on the curious to challenge yourself. The court church challenge of basic business model curious to challenge. What do technology? It's all about being curious, so I don't think that's a trade necessary. That being the top person, that's a trade that I'd say when I talked to the youngest people on company. If you use your curiosity, you're on your way to Brian and your career. You've been a lawyer. You've been a banker. You've held many senior executive roles on your rise up, Ah, Bank of America. But what's the best leadership advice that you ever received? And why did it shape you as a leader? I think the best leadership advice I ever got was all things in moderation. Never over believe that you're right. Never, ever believe that your people are right. Always look to think about what could go, what could go wrong. Now, that doesn't mean the pessimist doesn't mean don't be aggressive, but always gotta have your mind. You're the last call of whether if this doesn't work, you'll be here tomorrow if you're the last call. If this doesn't work the financial stress and so you have to all things in moderation and keep balance. Keep so what? You have to win and be aggressive and win the mark. All things in moderation.