\n<\/p>\n
Wall Street analysts listening in to Bank of America\u2019s quarterly results last month may have been scrambling for a dictionary.\u00a0<\/p>\n
The confusion was intentional. The CEO of the second-largest U.S. bank, Brian Moynihan, deliberately sprinkles obscure, archaic words into his prepared statements on these calls, The Wall Street Journal<\/em><\/a> recently reported.\u00a0<\/p>\n Moynihan regularly uses words like \u201cgainsay,\u201d \u201cconcomitant\u201d and \u201cfantods\u201d as part of a secret game he plays on analyst calls, people familiar with the matter told the Journal<\/em>. The game is so secretive that only a few employees within Bank of America are in on it.\u00a0<\/p>\n These employees note that someone chooses random words at the last minute for Moynihan to use in his prepared statements. For example, Moynihan has used \u201cgainsay,\u201d or labeling something as untrue or invalid, more than once. In one earnings call, he said adviser productivity was strong, along with accompanying or \u201cconcomitant\u201d growth in fee-based assets. In another call, he said he didn\u2019t \u201cget fantods,\u201d or wasn\u2019t nervous.\u00a0<\/p>\n \u201cThere is no question, Brian loves a good challenge and always makes us think,\u201d a Bank of America spokesperson told the Journal<\/em>. \u201cOr what might be called ludically noetic.\u201d According to Merriam-Webster, \u201cludic<\/a>\u201d means playful while \u201cnoetic<\/a>\u201d means relating to or based on the intellect.<\/p>\n Typically, Moynihan adds at least one advanced word per earnings call, although at times he includes multiple archaic words in one sentence. Bank of America staff members listening in on the calls try to pinpoint the word that Moynihan added, and sometimes it is easy to find.<\/p>\n For example, Moynihan added \u201cperspicacious,\u201d meaning \u201csmart, sharp and quick to notice or understand things that are hidden,\u201d to a sentence during an analyst call in 2022. \u201cA perspicacious analyst might wonder whether talk of inflation, recession and other factors would fructify in a slower spending growth,\u201d he said at the time.<\/p>\n Moynihan\u2019s penchant for advanced vocabulary can sometimes lead to confusion. During a July call with analysts, Moynihan labeled the Iran war as \u201canfractuous,\u201d which means winding, complex or tortuous.\u00a0<\/p>\n The unusual vocabulary created a transcription mess. FactSet recorded the word as \u201cinfructuous,\u201d meaning unproductive, while Bloomberg\u2019s transcription service captured it as \u201cintractable,\u201d or difficult to manage.\u00a0<\/p>\n S&P Global Market Intelligence transcribed the remark as: \u201cthe Iran war is in [fractures].\u201d<\/p>\n One listener, Wells Fargo analyst Mike Mayo, labeled Moynihan\u2019s vocabulary an \u201cintellectual flex\u201d and said he preferred to keep things simple. Mayo said Moynihan was the \u201canti-Jamie Dimon.\u201d When the JPMorgan Chase CEO speaks, \u201ceverybody understands,\u201d he added.\u00a0<\/p>\n According to the Journal<\/em>, Moynihan studied history at Brown University, where he also co-captained the rugby team. He graduated in 1981, then got his JD from the University of Notre Dame Law School in 1984. Members of his team describe him as intelligent, having a photographic memory and constantly working, per the Journal<\/em>. \u00a0<\/p>\n He joined Bank of America in 2004<\/a> following the company\u2019s merger with FleetBoston Financial and stepped into the top job<\/a> in 2010.<\/p>\n Bank of America had a market capitalization of $443 billion<\/a> at the time of writing.\u00a0<\/p>\n<\/p><\/div>\n Wall Street analysts listening in to Bank of America\u2019s quarterly results last month may have been scrambling for a dictionary.\u00a0<\/p>\n The confusion was intentional. The CEO of the second-largest U.S. bank, Brian Moynihan, deliberately sprinkles obscure, archaic words into his prepared statements on these calls, The Wall Street Journal<\/em><\/a> recently reported.\u00a0<\/p>\n Moynihan regularly uses words like \u201cgainsay,\u201d \u201cconcomitant\u201d and \u201cfantods\u201d as part of a secret game he plays on analyst calls, people familiar with the matter told the Journal<\/em>. The game is so secretive that only a few employees within Bank of America are in on it.\u00a0<\/p>\n<\/p><\/div>\nHow he does it<\/h2>\n
Moynihan\u2019s journey<\/h2>\n
Key Takeaways<\/h2>\n
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