Bank of America CEO says 'we are capitalists' as anti-ESG critics gain steam

Bank of America Corp's Chief Executive Officer Brian Moynihan had a clear message for shareholders on Tuesday: 'We are capitalists.'

In January, Moynihan told Reuters that "capitalism is the system that will drive the best outcome, and so we believe in profits and purpose," he said, pointing to the bank's record earnings in 2021 alongside its rising wages and a raft of employee benefits across childcare, health and education.

Investors and many companies say it is good business to be concerned with environmental and social factors that can affect profits, such as rising sea levels or marketing that does not reach certain audiences. "Capitalism provides the money, the creativity, and the expertise to solve the needs of society," Moynihan wrote. "We enable our customers to drive capitalism."

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