FASTalert: Bank of America’s CEO Shares His Vision, Finally
FASTalert: Bank of America’s CEO Shares His Vision, Finally. See WSJ article.
BofA’s CEO, Brian Moynihan, laid out his long-term vision for the U.S.’s largest bank by assets. For sales reps selling into Bank of America, you should consider this presentation a ROADMAP for your solutions. To get the investor presentation and audio file, go to BofA’s website.
Speaking at a Barclay’s Capital sponsored event earlier this week, Moynihan made it clear that the company is down-shifting to a ‘banking 101’ strategy. The central themes in thisback to basics transformation include: (1) more cross-selling, (2) a lower efficiency ratio (currently at 57% in the first half of 2010), (3) aggressive streamlining and focus on core systems and customer-centric activities, and (4) less volatility in earnings and return metrics such as ROA and ROE. Boring is good.
These themes validate my previous blog post thesis that the banking industry is transforming business models and down-shifting to a back to basics operating strategy (http://bit.ly/991iBE).
Sales reps calling on BofA: use this compelling event to emphasize the impact of your solutions on the bank’s customers and key performance metrics. Selling the financial value of your solutions has never been more important than it is today in the banking industry.