Bank of America’s CEO Brian Moynihan posted an email to the company’s intranet telling the rank and file to keep their chins up amidst their sinking stock price and news that they would be sued by AIG for selling crap mortgages.
A selection from the letter:
Be certain of this above all else: Our customer-focused strategy is working. Customers and clients are doing more business with us across the franchise and we are deepening and strengthening their relationships with us. Deposit levels and new account openings are increasing. Loan growth outside the U.S. shows that we are effectively serving our clients’ global needs. Customer satisfaction is improving. And referrals across lines of business are increasing as we build broader relationships with customers and clients….
…Our course is set, and we know our destination. We cannot control the seas around us, but with the best franchise in the industry, and the best team in place to deliver its benefits to our customers, I am confident we will achieve our goals working together
If you’re a Bank of America customer, do you agree? Do you think the bank has been more focused on your needs lately?
WSJ has got the full letter.
The conspiracy-loving Zero Hedge blog notes, “The last time we saw letters of this nature, John Thain and Dick Fuld were assuring their employees all shall be well.” The companies those men were CEOs of, Merrill Lynch and Lehman Brothers, promptly had to merge to survive or went bankrupt.