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Bank of America CEO talks Warren Buffett, the Fed, the economic outlook and sustainabilityBank of America CEO talks Warren Buffett, the Fed, the economic outlook and sustainability Bank of America CEO talks Warren Buffett, the Fed, the economic outlook and sustainability


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In Davos, the world's top leaders contend with the planet's most pressing problems Brian Moynihan's voice carries further in those discussions than just about anybody's As CEO of Bank of America, one of the largest financial institutions on earth, Moynihan oversees more than $2 trillion in assets and employs over 200,000 people, serving tens of millions of customers across 36 countries Embracing his role as an agenda setter, Moynihan sits on the World Economic Forum International Business Council and the Business Roundtable He's here to talk about what's next for global finance, amid threats like climate change, trade wars, and wealth inequality Subscribe to Yahoo Finance s yhoo it 2fGu5Bb About Yahoo Finance At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life Connect with Yahoo Finance Get the latest news s yhoo it 2fGu5Bb Find Yahoo Finance on Facebook bit ly 2A9u5Zq Follow Yahoo Finance on Twitter bit ly 2LMgloP Follow Yahoo Finance on Instagram bit ly 2LOpNYz

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Watch CNBC's full interview with Bank of America CEO Brian Moynihan at Davos

Bank of America CEO Brian Moynihan joins "Squawk Box" at the World Economic Forum in Davos to discuss the health of the economy, the banking industry and his views on corporate responsibility Bank of America CEO Brian Moynihan says money will keep flowing to environment, social and governance funds (ESG) as more investors send the message that they want to own companies with a mission that aligns profits with broader social goals “We have $25 billion in ESG funds, and more is going there,” Moynihan said on ” from the World Economic Forum in Davos, Switzerland The bank’s wealth management business has a total of $3 trillion in investor assets “All investors are saying, ‘I want you to invest in companies doing right by society ’” Assets in ESG mutual funds and ETFs reached a record level in 2019, according to Morningstar, with more than $20 billion invested, four times the level of 2018, which had been the previous record Last week the CEO of the world’s largest money manager, BlackRock, issued an annual letter saying that climate change will lead to a fundamental reshaping of finance the likes of which the world has never seen, and a significant reallocation of capital is set to take place “sooner than most anticipate ” BlackRock CEO Larry Fink said “Climate change has become a defining factor in companies’ long-term prospects ” He added, “Climate change is almost invariably the top issue that clients around the world raise with BlackRock From Europe to Australia, South America to China, Florida to Oregon, investors are asking how they should modify their portfolios ” BlackRock announced broad changes to its investment strategies aligned with ESG Bank of America has committed $300 billion to sustainable investments over the next decade Since 2007, when the company issued its first Environmental Business Initiative, Bank of America has deployed more than $126 billion to environmental business efforts “There is a huge opportunity, whether it is green bonds or different types of financing for solar installations or wind installations,” the Bank of America CEO said of the bank’s opportunities to deploy the capital He added that as more companies seek carbon neutrality, that will drive demand for new technology, though it will require power companies, above all, to make real progress “What we’re trying to say is, you deliver profits and success for customers, employees and shareholders What managers like Larry Fink are saying is, success is along these dimensions The key is to think about the balance and let industry and owners drive it,” Moynihan said Moynihan dismissed skepticism about the effort as being more public relations than substance “People say, ‘Isn’t this greenwash?’ Which part of $300 billion do you understand is not greenwash? This is not some small process, it is a business force ” A poll released ahead of Davos found that a majority of the public believe capitalism does more harm than good The theme of this year’s Davos World Economic Forum, often criticized as a forum for the global elite, is “Stakeholders for a Cohesive and Sustainable World ” This year critics have noted that many Davos attendees arrive by private jet before speaking about the importance of climate change Climate activist Greta Thunberg, who does not fly, said at Davos on Tuesday that time is running out “With today’s emissions levels, the remaining budget is gone in less than eight years These aren’t anyone’s views This is the science I’ve been repeating these numbers at nearly every speech I’ve given for the last 18 months I know you don’t want to talk about this,” Thunberg said before adding that she intends to keep repeating herself until the appropriate action is taken For access to live and exclusive video from CNBC subscribe to CNBC PRO s www cnbc com pro ?__source youtube » Subscribe to CNBC TV s cnb cx SubscribeCNBCtelevision » Subscribe to CNBC s cnb cx SubscribeCNBC » Subscribe to CNBC Classic s cnb cx SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis From market futures to live price updates CNBC is the leader in business news worldwide Connect with CNBC News Online Get the latest news www cnbc com Follow CNBC on LinkedIn s cnb cx LinkedInCNBC Follow CNBC News on Facebook s cnb cx LikeCNBC Follow CNBC News on Twitter s cnb cx FollowCNBC Follow CNBC News on Instagram s cnb cx InstagramCNBC #CNBC #CN

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