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President and CEO Brian Moynihan charged Moscow associates on Thursday to "make decisions as though you'll be here 100 years and own our shares that whole time" during a visit to the Russian capital May 26 through May 28. Joined by Global Strategy & Marketing Officer Anne Finucane and Andrea Orcel, executive chairman of Global Banking & Markets and president of Emerging Markets ex.-Asia, Moynihan spoke on the trading floor of the Moscow offices about the risk framework, the opportunities ahead in global emerging markets, perceptions of the Bank of America brand and other issues.
In a lively question and answer session, Moynihan told associates that we need to "look the same" in how we serve clients and customers in the world's largest economies. He emphasized the importance of aligning the risk, compliance and other support infrastructure as an important step in building upon our global capabilities overseas.
Bank of America Merrill Lynch in Russia
Merrill Lynch opened its first Representative Office in Russia in 2004, for investment banking. Since then, the Bank of America Merrill Lynch presence in the world's largest country has grown to include a variety of services and assert impressive market leadership. The BAML Russia team consists of:
* 75 associates
* Equities, fixed income, currencies and commodities, investment banking, research, and wealth management capabilities
Read more about our business in Russia:
* Bankers lead landmark deal for Russian aluminum producer
* Another successful cross-border connection
"Wherever we support clients with corporate and investment banking capabilities, global markets sales and trading, and wealth management," he emphasized, "we need to ensure local country leadership, line of business leaders, and other partners from across the enterprise" share their knowledge, insights, and maintain a regular dialogue about opportunity and risk.
Asked about his impressions of Russia during his visit, Moynihan highlighted the country's stable political situation, the steady economic growth that most analysts foresee and the actions taken by the Russian government during the recent financial and economic crisis that stabilized its currency, strengthened its banking system and contributed to a healthy recovery.
Moynihan and Finucane also discussed the improved perceptions of the Bank of America brand, emphasizing the company's approximately $200 billion in common equity, a sign of strength and stability and a source of support to consumers and businesses as the economy improves. "Despite the backdrop of the crisis and the perception that financial institutions were mostly responsible for it," Moynihan said, "we are moving in the right direction, earning money and restoring confidence in Bank of America."
- Brian Moynihan, president and chief executive officer
During the visit, Moynihan, Finucane and Orcel also met with United States Ambassador to Russia John Beyrle and the embassy economic team. Ambassador Beyrle shared insights about U.S.-Russian relations and discussed the economic and business climate. Finucane, Orcel and Beyrle discussed the importance of cultural diplomacy and what Bank of America can do in Moscow with our cultural and philanthropic activities. The trip also included meetings for Moynihan, Finucane and Orcel with several Bank of America Merrill Lynch clients.
"We have a great company," Moynihan told associates as their discussion concluded. "To continue to succeed as a company, we are going to need what you do to work well. We will take our time, get it right, and you will be part of the dialogue on how best to do that."