Early this morning, Bank of America‘s CEO Brian Moynihan presented to the Barclays Capital conference in Manhattan. Moynihan outlined his bank’s strategy to emerge from the credit crisis as “not the biggest bank, but the best bank.” The presentation was refreshingly straightforward in addressing the many challenges that Bank of America faces, which was fitting given that Bank of America also announced today that they will layoff 30,000 employees over the next few years as a cost-saving measure.
Mr. Moynihan was less straightforward, however, when it came to discussing coal. Brant Olson from RAN attended the conference and stood up during the question and answer portion of Mr. Moynihan’s speech to draw a connection between investments in sub-prime mortgages and investments in coal, a dirty, dangerous, and sun-setting industry.
Check out Brant’s question to Brian Moynihan below:
[youtube Lb8YekEZAMY 550]
As Bank of America rebuilds itself to (hopefully) be a more responsible and stable financial institution, now is also the time for the bank to look to invest in long-term solutions for a low-carbon economy. Next time RAN asks Bank of America about its responsibility to the environment, maybe we will hear a straightforward answer instead of silence.