Bank Of America CEO's End-Of-Year Message To Staff

Brian Moynihan With Batphone

Bank of America CEO Brian Moynihan has been doing a Vikram Pandit - sending 'inspirational' memos to his staff.

The Wall Street Journal has the memo:

'To Senior Leaders,

This year can be summarized in a few words: In the face of significant challenges, we made significant progress. I thank you for your continued commitment and all that you do to deliver on our purpose – to help customers and clients seize opportunity at every stage of their financial lives.

While there is much work to do and there may be further challenges ahead, we end 2011 stronger and better able to serve customers and clients. We continued throughout the year to simplify our company, to build capital, and to manage through the slow-growth, low interest rate U.S. and global economy. Today, our company is exposed to less risk and is less complex. As a stronger, more straightforward company better organized to serve our customers and clients, we can build deeper relationships with them, earn the profits our shareholders expect, and help restore confidence and strength to our economy.

There is ample evidence that we are moving forward on the course we set two years ago to transform our company, some of which is highlighted in the progress report included with this message. Our focus and strategy are clear: We deliver to three groups of customers and clients the four or five leading capabilities they need to manage their financial lives and businesses. Simply put: We can do more for people, companies, and institutional investors than any other financial services company. And day after day, we are proving it in the marketplace.

Obviously, our stock price does not yet reflect the work we are doing to strengthen capital, reduce risk, and serve customers and clients better. There are many issues weighing not only on us, but on the entire financial services industry, including concerns about the global economy, the implementation of new regulations and capital requirements, how these new rules may affect our ability to deliver for our customers, and the time it will take to resolve legacy issues and get the housing market and the economy growing strongly again.

The New Year will bring its own mix of successes and challenges, but our direction is clear and we know what we must do. Our job is to continue to focus intently on what we can control: providing our customers and clients with the best service and most comprehensive financial services solutions in the market, managing our costs, re-building our brand, and doing our part to keep the economy moving forward. Our long-term value will come through and be reflected in our stock price over time if we do that.

I appreciate all of your great work this year; it is because of you, and because we know we can do so much more for customers and clients than anyone else, that I have such great confidence in our future. Please enjoy some well deserved rest with family and friends during this holiday season, and let’s get right back to it in 2012.

– Brian'

Source - The Wall Street Journal

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