Bank of America's Current Leadership

Brian Moynihan has been the Chief Executive Officer of Bank of America since 2010. He also holds the title of Chairman, meaning he leads both the day-to-day operations and the board of directors. Moynihan reports to the board and is ultimately accountable to shareholders, but for any customer or employee dealing with the bank, he is the person at the top of the chain.

Before becoming CEO, Moynihan spent nearly two decades at Bank of America in various roles, including running the consumer banking division. He came up through the ranks during the 2008 financial crisis and the bank's acquisition of Merrill Lynch, so his entire tenure as CEO has involved managing a massive institution through regulatory scrutiny and market volatility.

The CEO's job is to set strategy, manage risk, and ensure the bank meets its obligations to regulators, customers, and shareholders. That means decisions about which services to offer, how much to charge, how to handle customer complaints, and how to respond to data breaches or fraud all flow through the executive leadership Moynihan oversees.

Key Takeaways

  • Brian Moynihan has been CEO and Chairman of Bank of America since 2010 and is the final decision-maker on bank policy and strategy.
  • The CEO reports to a board of directors and to federal banking regulators, not directly to individual customers, so complaints about account issues do not go to the CEO's office.
  • Bank of America's executive team includes a Chief Financial Officer, Chief Risk Officer, and heads of major divisions like consumer banking and wealth management, each responsible for their own area.
  • Changes in CEO leadership are rare at large banks and typically happen only through retirement, resignation, or board action, so Moynihan's tenure has been unusually long and stable.

How Bank Leadership Affects Your Account

The CEO does not handle individual account problems. If your debit card is declined, your deposit is missing, or you have a billing dispute, you contact customer service, not the executive office. Customer service representatives are trained to resolve issues within their authority, and escalation paths exist for complaints that cannot be solved at the first level.

What the CEO and executive team do control is the bank's overall policies on fees, interest rates, fraud protection, data security, and how disputes are handled. If Bank of America changes its overdraft policy, raises checking account fees, or updates its fraud liability rules, those decisions come from leadership. The CEO also sets the tone for how seriously the bank takes regulatory compliance and customer protection.

During crises—a major data breach, a widespread outage, a regulatory enforcement action—the CEO's office becomes involved in the response. These events affect many customers at once and require decisions at the highest level about how to communicate, what compensation to offer, and how to prevent recurrence.

The Board of Directors and Regulatory Oversight

Moynihan answers to a Board of Directors made up of other executives and business leaders. The board meets regularly to review the bank's performance, approve major decisions, and ensure management is operating within legal and ethical bounds. Board members have fiduciary duties to shareholders, which means they are legally required to act in the bank's financial interest.

Beyond the board, Bank of America is regulated by multiple federal agencies: the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau (CFPB). These regulators have the power to fine the bank, restrict its activities, or force changes to its practices. The CEO must ensure the bank complies with all regulatory requirements, and regulators can remove a CEO if they find the bank is being run unsafely or illegally.

This regulatory structure exists because Bank of America is a systemically important financial institution—meaning its failure could damage the broader economy. That is why the bank faces more scrutiny than smaller banks and why the CEO's decisions are monitored so closely.

The Executive Team Below the CEO

Moynihan leads a team of executives who run specific divisions and functions. The Chief Financial Officer oversees accounting, financial reporting, and capital management. The Chief Risk Officer manages the bank's exposure to credit risk, market risk, and operational risk. The heads of Consumer Banking, Global Wealth and Investment Management, and Global Banking and Markets each run their own business units with thousands of employees.

Each of these executives has their own chain of command and is responsible for their area's performance, compliance, and customer service. A problem in your checking account might be handled by someone in the Consumer Banking division, but that person ultimately reports up through layers of management to the CEO.

How CEO Changes Happen at Large Banks

CEO transitions at major banks are rare and planned well in advance. When a CEO retires or steps down, the board typically spends months or years identifying and vetting a successor. The new CEO is usually someone already inside the bank or someone from another major financial institution, because the role requires deep knowledge of banking operations, regulation, and risk management.

If a CEO is removed by regulators or the board due to misconduct or poor performance, the bank will announce a transition plan and name an interim leader while a permanent replacement is found. These situations are public and often involve significant changes to the bank's strategy or leadership team.

Moynihan's long tenure—over a decade as CEO—is relatively stable for a bank of Bank of America's size. Some large bank CEOs serve for shorter periods, while others stay for two decades or more. The length of tenure often reflects the board's confidence in the CEO's performance and the bank's overall stability.

What You Should Know About Bank Leadership

Understanding who runs your bank matters because it helps you know where decisions come from and how to escalate problems if needed. If you have a complaint about a policy or a service, customer service is your first stop. If that does not resolve the issue, you can file a complaint with the CFPB, which investigates consumer complaints and can force the bank to change practices or pay restitution.

You can also contact your state's banking regulator or your U.S. Senator's office if you believe the bank has violated your rights. These paths do not go directly to the CEO, but they do reach people with the authority to investigate and compel action.

The CEO's name and tenure matter less to your daily banking than the bank's systems, policies, and customer service staff. But knowing that leadership is accountable to regulators and shareholders gives you some assurance that there are checks on how the bank operates and how it treats customers.

Frequently Asked Questions

Can I contact the CEO's office about my account problem?

You can send a letter to the CEO's office, but it will be routed to the appropriate department for handling. Your complaint will not be read by the CEO personally. Start with customer service, then escalate to the bank's complaint resolution team if needed. For serious issues, file a complaint with the Consumer Financial Protection Bureau.

How long has Brian Moynihan been CEO?

Moynihan became CEO in 2010 and continues in that role. He has led the bank through the post-financial-crisis recovery, the Merrill Lynch integration, multiple regulatory enforcement actions, and the shift to digital banking. His tenure is one of the longest among major U.S. bank CEOs.

What happens to my account if the CEO changes?

Your account and its terms do not change when a new CEO takes over. The bank's basic operations, customer service processes, and account protections remain the same. A new CEO might change long-term strategy or policies over time, but those changes are announced publicly and take effect gradually, not overnight.

Does the CEO decide on interest rates and fees?

The CEO and executive team set the bank's overall pricing strategy and fee structure, but they do not set individual rates for each customer. Interest rates on savings accounts and CDs are set by the bank's treasury and pricing teams based on market conditions and competitive positioning. Fees are set by policy and applied uniformly to account types.

Who can remove the CEO?

The Board of Directors can remove the CEO through a vote. Federal regulators can also force a CEO out if they find the bank is being run unsafely or in violation of law. In practice, a CEO typically leaves through retirement or resignation negotiated with the board, not through sudden removal.