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Opinion

Abigail with attitude: Bashful Brian grows into top job at BAML

Is Bank of America on an upward trajectory? Am I the only person to notice that Bank of America’s economists were a lone voice insisting that the Federal Reserve would not taper in September? Nice call BAML!

Moreover, BAML will be one of the bookrunners for the Twitter flotation. The firm played a bigger role in the Verizon deal, where it acted as an underwriter for the financing package. BAML also had a top-line position in the public-to-private deal for Dell, while in Europe the bank underwrote the £3.2 billion institutional placement of part of the UK government’s stake in Lloyds Bank.

I was thus not surprised to see Brian Moynihan, the chief executive of Bank of America, purring like the proverbial Cheshire cat, as he gave a joint interview to CNBC with the Sage of Omaha, Warren Buffett. All I can say is that bashful Brian has grown into the top job. He now brims with confidence and seems a different man from the diffident, gauche underling who inherited, almost by default, Ken Lewis’ mantle. Moynihan, for so long the underdog in the US bank pecking order, might permit himself a wry smile when he thinks of the bog into which JPMorgan’s chief, Jamie Dimon, has slithered. Increasingly, photographs of Dimon show the banker looking chastened and harassed.

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