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January 27, 2012 at 08:14 AM
In a direct rebuttal to Morgan Stanley CEO James Gorman’s opinion that workers upset about pay and bonuses should leave, Bank of America CEO Brian Moynihan said that talks to cut employees’ pay are “honest and open” and that he doesn’t share Gorman’s opinion. Asked if he would tell complainers to go, Moynihan said, “I wouldn’t. Our employees know what they’re contributed and how they’re paid. I just stay away from that.”
“The difficulty for us is we’re trying to balance the interest of employees that work very hard to continue our company’s progression and in the interest of shareholders who haven’t had a good stock price performance,” Moynihan to Bloomberg Television‘s Erik Schatzker in an interview from Davos, Switzerland. We’ve done a good job of it.”
On what would help relieve financial markets:
“Everybody is at the point, and this not unique to CEOs or to regulators or the policymakers … we’ve got to figure out a way to get all this regulation through. At the same time we have to balance that we’re in a very low growth environment for these very large economies. And how do you keep that balance so much that we deleverage so much that we slow it down. We talk about United States and Europe–two huge economies that we have to keep moving forward. That dialogue, there’s nobody has an uncommon interest, it’s just a question of the details of how you get there.”
On what Bank of America can do to help Europe move forward:
“We do a lot of things … basically helping people’s thoughts and execution both on the financial institution side on the corporate side and ultimately on the policy side.”
