Here’s the Secret Game Bank of America CEO Brian Moynihan Plays on Analyst Calls: ‘Loves a Good Challenge’

Wall Street analysts listening successful to Bank of America’s quarterly results past period whitethorn person been scrambling for a dictionary. 

The disorder was intentional. The CEO of the second-largest U.S. bank, Brian Moynihan, deliberately sprinkles obscure, archaic words into his prepared statements connected these calls, The Wall Street Journal precocious reported. 

Moynihan regularly uses words for illustration “gainsay,” “concomitant” and “fantods” arsenic portion of a concealed crippled he plays connected expert calls, group acquainted pinch the matter told the Journal. The crippled is truthful secretive that only a fewer labor wrong Bank of America are successful connected it. 

These labor statement that personification chooses random words astatine the past infinitesimal for Moynihan to usage successful his prepared statements. For example, Moynihan has utilized “gainsay,” aliases labeling thing arsenic untrue aliases invalid, much than once. In 1 net call, he said advisor productivity was strong, on pinch accompanying aliases “concomitant” maturation successful fee-based assets. In different call, he said he didn’t “get fantods,” aliases wasn’t nervous. 

“There is nary question, Brian loves a bully challenge and ever makes america think,” a Bank of America spokesperson told the Journal. “Or what mightiness beryllium called ludically noetic.” According to Merriam-Webster, “ludic” intends playful while “noetic” intends relating to aliases based connected the intellect.

How he does it

Typically, Moynihan adds astatine slightest 1 precocious connection per net call, though astatine times he includes aggregate archaic words successful 1 sentence. Bank of America unit members listening successful connected the calls effort to pinpoint the connection that Moynihan added, and sometimes it is easy to find.

For example, Moynihan added “perspicacious,” meaning “smart, crisp and speedy to announcement aliases understand things that are hidden,” to a condemnation during an analyst telephone successful 2022. “A perspicacious expert mightiness wonderment whether talk of inflation, recession and different factors would fructify successful a slower spending growth,” he said astatine the time.

Moynihan’s penchant for precocious vocabulary tin sometimes lead to confusion. During a July telephone pinch analysts, Moynihan branded the Iran warfare arsenic “anfractuous,” which intends winding, analyzable aliases tortuous. 

The different vocabulary created a transcription mess. FactSet recorded the connection arsenic “infructuous,” meaning unproductive, while Bloomberg’s transcription work captured it arsenic “intractable,” aliases difficult to manage. 

S&P Global Market Intelligence transcribed the remark as: “the Iran warfare is successful [fractures].”

One listener, Wells Fargo expert Mike Mayo, branded Moynihan’s vocabulary an “intellectual flex” and said he preferred to support things simple. Mayo said Moynihan was the “anti-Jamie Dimon.” When the JPMorgan Chase CEO speaks, “everybody understands,” he added. 

Moynihan’s journey

According to the Journal, Moynihan studied history astatine Brown University, wherever he besides co-captained the rugby team. He graduated successful 1981, past sewage his JD from the University of Notre Dame Law School successful 1984. Members of his squad picture him arsenic intelligent, having a photographic representation and perpetually working, per the Journal.  

He joined Bank of America successful 2004 pursuing the company’s merger pinch FleetBoston Financial and stepped into the apical job successful 2010.

Bank of America had a marketplace capitalization of $443 billion astatine the clip of writing. 

Wall Street analysts listening successful to Bank of America’s quarterly results past period whitethorn person been scrambling for a dictionary. 

The disorder was intentional. The CEO of the second-largest U.S. bank, Brian Moynihan, deliberately sprinkles obscure, archaic words into his prepared statements connected these calls, The Wall Street Journal precocious reported. 

Moynihan regularly uses words for illustration “gainsay,” “concomitant” and “fantods” arsenic portion of a concealed crippled he plays connected expert calls, group acquainted pinch the matter told the Journal. The crippled is truthful secretive that only a fewer labor wrong Bank of America are successful connected it.