Speaking at a "global town hall meeting" last week, according to Bloomberg News, he told employees the Bank is not getting enough (public) credit:
“I, like you, get a little incensed when you think about how much good all of you do, whether it’s volunteer hours, charitable giving we do, serving clients and customers well...”Someone needs to tell Moynihan that if your customers think you are ripping them off you don't get points for turning around and giving a portion of that money to charity.
Adding to the tone deaf lecture, Moynihan had words for the bank's detractors:
“You ought to think a little about that before you start yelling at us,” he yelled.
Hopefully, Moynihan is smart enough to understand that he wasn't just speaking to an internal audience. Remarks like that were clearly going to reach those who don't have warm and fuzzy feelings about the bank. Whining about it won't help.
The tone of his comments are exactly the kind of elitism on which journalists feed. Everything an embattled bank CEO says should be part of a carefully orchestrated messaging plan. Moynihan looks like he was vying for the "BP Tony Hayward Dumb Boss of the Month Award."