Mr. Moynihan’s lengthy tenure just isn’t unusual on Wall Street, partly as a result of financial institution boards have valued stability atop their giant, advanced operations after the monetary disaster. Mr. Moynihan began the identical 12 months as Morgan Stanley’s chief, James Gorman, who’s making ready two potential successors. Jamie Dimon has been on the helm of JPMorgan Chase for 16 years. Last 12 months, he bought a particular inventory grant that could possibly be value $50 million if he stays by means of 2026, in accordance with The Wall Street Journal.
Mr. Moynihan was born in Marietta, Ohio, one of eight kids in an Irish-Catholic household. His father was a chemist for DuPont, and his mom bought insurance coverage.
Money was tight, so Mr. Moynihan labored odd jobs. He attended Brown University, from which he graduated in 1981. As a scholar, he delivered newspapers to a whole bunch of classmates earlier than 7 a.m., hauling sacks of papers by means of the dorms and accumulating nickels and dimes. He shoveled snow in the course of the blizzard of 1978 and labored as a laborer at a flooring firm in Providence, R.I., to earn extra cash.
Mr. Moynihan was “a guy you could completely count on,” mentioned John LeClaire, who performed rugby and shoveled snow with him at Brown. He would “never quit,” mentioned Mr. LeClaire, a associate on the Goodwin Procter legislation agency in Boston, town the place Mr. Moynihan can also be based mostly. Both males would go on to marry their school girlfriends. When Mr. Moynihan turned 60 in 2019, the 2 buddies celebrated by enjoying a special sport — curling.
He bought a legislation diploma from the University of Notre Dame and labored at Edwards & Angell, a company legislation agency, earlier than becoming a member of Fleet financial institution in Boston in 1993. After Bank of America acquired Fleet, he grew to become a key adviser to his rapid predecessor, Ken Lewis, in the course of the 2008 disaster and served as basic counsel.
One of Mr. Moynihan’s most essential early backers was Warren E. Buffett, who invested $5 billion within the financial institution in 2011, betting that the chief govt might flip the corporate round.