Brian Moynihan, man with a Midas touch?

May 27, 2010 | By Jim Kim

We've noted that Brian Moynihan (Brian Moynihan news) has won some solid reviews for his performance so far as CEO of troubled Bank of America (NYSE: BAC). One could argue that he is benefitting from low expectations.

When ex-CEO Ken Lewis announced under a cloud that he would step down, most people, including us, suggested an outsider would be best. When Moynihan won the job, it seemed to many that the Bank of America board simply couldn't find a qualified external candidate. The announcement seemed a bit tainted by skepticism. But Moynihan has since won people over on Wall Street and in Washington.

"Nearly everything Moynihan has touched has turned into proverbial gold in the five months," says CNNmoney. Moynihan also seems to have usurped JPMorgan Chase's Jamie Dimon as President Obama's favorite banker." But it would be a mistake for him to grow overconfident now. The rest of the year could be a lot tougher from an earnings perspective, and at some point people will start demanding "a vision" for the Bank of America of the future. He's got to start thinking about how he will leave his brand on the bank.

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