Syre talks Boston Business

WRKO. It is WR -- Both scored just. -- Wireless it is cold off. I was going to be. -- temperature but. Okay windchill windchill I think I'm -- nobody tomorrow bring in the window that'll be fun to simulate just like Steve sire is already got his on and he's got his senate. His hands in those side in that little center out of the -- how stylish touch the little punch at every day at this time we do the Boston business report with the Boston Globe's Steve siren all of that is being brought today by the Wall Street. Journal Steve -- good morning.

A good morning guys -- I think you get a new record when he got that guy who was in the packet 730 here.

He was so he's -- you Colin. I think I thought he was on his way to a report to work at the sense appear. He's doing all the above. Going to be able -- Perrier is so I think we -- period we've finally result were very excited harmonized. There's a new CEO. And now flee back at -- fleets can't hit all he's gonna -- these seriously is the apartment. I. Thought I that said -- I just feel nostalgic at all changes so quickly fleet. I had a Bankboston. What was it before there was the first national -- national Bank of Boston they got modern they dropped that was -- in New England. -- was a little place don't have no idea any American or they don't over the Branko. And yes I know that's saint Germain. Freddie said you may remember that name.

Eventually came to Boston because there when Bank of New England failed a long time ago it was a winning bidder for that franchise. Eventually bought another Boston bank -- and then. Finally emerged -- Bank of Boston as you point out and became the giant region and then all of --

So how did I end up with sovereign then.

Well actually you probably ended up in stubborn if you were a customer back then because they got so big when they put Bankboston and fleet together that. The Justice Department made them the darkness and does. And sovereign which was this little dinky bank in Pennsylvania. Became the winner -- it like having gone through so many mergers. -- an expert in taking. The worst location and handing them off to the weakest competitors and -- and that's probably their top.

that's me I'm the only person who goes in there so now we have the Bank of America had headquartered in Shalit just chooses a guy from Wellesley Brian Moynihan hello once sack that was a really good segment you think. That -- this Steve sire know. Gives us the history. A bank consolidation this could be a daily thing people ought to look what was that great. Because I jumped up -- so about BankAmerica has a new season -- an empty like comparison how does that affect us that they've got a new CEOs that good.

I think it's very good actually Bank of America. A lot of what Citibank and didn't a couple of others are ultimately the success and recovery of these banks are. Some of the most important thing is that in terms of how the economy is gonna. Ultimately come back in America we spent all our time talking about you know and the White House doing this in the -- doing that and that's certainly all important right now but ultimately recover of these giant financial institutions and Bank of America. Is I think. Probably across the country -- retail basis the most important financial institution we happen it's got. A lot of problems had just paid back its start with the money the other day. I am done. It's got a long way to go still and so. You know -- the low end up running this place and how successful. He is putting it back onto the track that is. More stable is very important to all of us.

I have my concerns about this got to tell us about the guy who they're putting in charge.

Brian Moynihan as you point out is Dave Boston guy actually started out in Providence but came up in Boston. He became Bank of America win BankAmerica bot fleet back in 2004. A lawyer by training he came up he's done a lot of different jobs. At the bank and does some of them for a very brief period of time at the moment he's in charge of Bank of America is. Corporate -- mean retail banking operations across the country. And I got about -- became one of the key internal candidates and there's sort of a Charlotte Boston rift inside the -- competition. And there was another internal candidate from the -- and that became inside the bank a big deal they tried very hard to find an outsider. To come in and take over the place and they work very successful at that the guy who runs back to new York Mellon. Was wooed and everybody thinks that what this idea of them pay back their TARP money very recently was in part to get away from. Executive compensation rules that would allow them to pay a new -- more but in the end they were unsuccessful attractive outsider.

Given all the controversy around the Merrill Lynch acquisition. And Brian Moynihan I like the idea that he's got the Boston base as opposed to the Charlotte based so I'm intrigued by that but -- but it seemed to me that the -- would of try to sidestep. A guy who had some affiliation with the M Merrill Lynch controversy how'd how in the end of the board resolve that.

Well I think you -- was a lawyer essentially involved in that to a great degree and ultimately became an -- Merrill -- for some brief period of time but. In terms of when. Bank of America bought Merrill Lynch which was just. It -- they were acquiring -- they found out how bad that that the situation really was there and it became quite a controversy I I don't think ultimately. Brian was the person in a position that was making financial decisions about the viability and and prudence of acquiring Merrill Lynch up. I don't think that's a problem I think in the end his biggest strength was although he's done all these other jobs. -- summit that paper brief period of time. I think his real reputation there is as a problem solvers collect. This fire -- you know they have a huge problem in Washington you know they -- there if they have a huge problem at Merrill Lynch -- send -- to try to work data.

guy you're interacting with the strongest suit well when you CM that is so victory party. Would you tell him that by the magnetic strip on my card is a working class plus -- after cinnamon we know in Australia and I don't. Your face Dave quickly. You know other -- Boston -- he made mention of it really what of them what's going to be the real world outcome of his Boston days and has Boston roots. As opposed to a Sotheby's in a southern --

Well I think here in Boston and it's good in this sense that there are significant operations here and I don't think they're going anywhere. It in terms of where bill that the power base at this bank ends up I don't think people talk about a company of Boston that of people wonder about it going to New York ultimately -- that. You know in the Charlotte was is this really interesting place that's. If you go way way back in West Bank meltdown one of the things that came out of it where the power center in new York and leadership did you had. Bank of America what is called Bank of America today grow up in Charlotte as -- Wachovia these giant. National banking operation that was one of the big -- and now this time around Wachovia has bailed. And -- North Carolina power base of Bank of America too great to deal has been -- and so.