CEO Challenge: Bank of America reverse course and put American Jobs First

Mr. Brian T. Moynihan
Chief Executive Officer
Bank of America Corporation (@BankofAmerica: Twitter)
100 N Tryon St,
Charlotte, NC 28255-0001

Dear Mr. Moynihan:

The Bank of America Corporation exists to create American jobs to serve customers and the by product is profits for shareholders.  It does not exist to maximize shareholder profits first, contrary to what Wall Street shareholders preach.

We are writing to express our strong disapproval of the deeply entrenched corporate practice of eliminating American jobs to maximize short-term profits for your Wall Street shareholders.  While the problem of protecting shareholder profits at the expense of jobholders, is not unique to Bank of America, the recent cost action by Bank of America to eliminate an additional unspecified number of American jobs.  This dependence on cost cutting and the resulting loss of American jobs have had a devastating economic and social impact on the families and communities all across the United States.

Bank of America’s actions to eliminate so many American jobs has been a vicious economic blow to the families, the cities where the live and their surrounding region, although it profits your shareholders.  The cuts are even more concerning when you consider the compensation the Executive Officers will receive as compared to the income of the people whose jobs you eliminated. While you may take the blame for failure, you give the burden for failure to others.

On behalf of the newly unemployed Americans, the remaining employed Americans and the American families who have been hurt by the recent job cuts, as well as the 75,000 job cuts you have made as CEO, we urge you to reverse course. We urge you to bring back their jobs and to make a long-term commitment to growth and productivity improvements, thereby creating new American Jobs.

By reversing course and investing in long-term growth and productivity improvements Bank of America will not only improve its reputation and standing in the community, but more importantly Bank of America will be doing its part to grow the American economy by helping the American jobholders and families live the American dream. This is the virtuous cycle that will strengthen the very customers your company relies on.

It is now the time for all profitable corporations, including Bank of America, to take the CEO Challenge to change the way Bank of America is rigged to maximize short-term shareholder profits and become an advocate for putting “American Jobs First.”

To this end, we ask you to consider the following to be corporate policy going forward.

Put American Jobs First and Shareholder Profits Second

  1. Publicly state it is in Bank of America’s long-term best interests to put American jobs first and shareholder profits second.
  2. No longer use the goal of maximizing short-term profits for shareholders to justify, formulate, and implement any strategy, initiative or cost action that eliminates an American job or to compensate the Executive Officers.
  3. Let the employee decide when their American job is no longer needed, which may occur with either an Equitable Employment Termination Agreement, (similar to a Golden Parachute), or by personal choice to leave. (TheCompany decides when to hire.)

Promote Long-term Growth and Productivity Improvements

  1. Compensate and reward Executive Officers for creating long-term sustainable growth, that also creates American Jobs.
  2. Share the profits of investments that improve the company’s productivity with employees in the form of higher wages, bonuses, and benefits.

Thank you for your consideration of our request.  We look forward to your response, because we are keeping a corporate scorecard.

Sincerely,

Great American Scorecard (@ScorecardUSA: twitter)

cc:

Honorable Alma S. Adams, United States Representative (@RepAdams: twitter)
Honorable Richard Burr, United States Senate (@SenatorBurr: twitter)
Honorable Thom Tillis, United States Senate (@SenThomTillis: twitter)
Honorable Roy Cooper, Governor of the State of North Carolina (@NC_Governor: twitter)
President Donald J. Trump, (@realDonaldTrump: twitter)

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