intensified during the global pandemic joining us now is brian moynihan brian, thank you for being with us today we noted yesterday this billion dollar commitment and i just wonder if you can talk more why you are doing this right now >> becky, thank you for having me on, first of all. you know, why are we doing this now? we're doing this now because, one, the horrible deaths that occurred just have incited anger in our teammates and a worry in our teammates. they, obviously, wanted to condemn these acts but also they wanted to do something about it. the same thing happened in our community. as you know with the health care crisis, we take the community, consumer centric approach. it's consistent with that. it's how we run the company. the reason now is you're seeing two things come together one is the long held issues about opportunity and economic opportunity and things that have to be solved faster in this country and on the other side you see a health care crisis affect those communities in a more adverse way and affecting the broader society. we thought it's time to put up the mone

so now i'm wondering, as you hear goreski and brian moynihan and many others who have been on squawk and other parts of the network this week discussing this very issue, racial inequality, if investors are going to scrutinize these companies more closely to see how they respond to this very issue, in determining how they want to part with their money and to whom. >> i think they should because, you want employees that are proud to work at a company let's focus on brian moynihan, who for years, i would say, is the most unsung of all of the ceos in the s&p. my daughter, lindsay is studying for her masters in philanthropy leadership at usc, so has had occasion to find out what b of a is doing, way before covid, way before these social issues, they had a tremendous community outreach program, not just talking to communities, but putting their capital at work there. they're not all of a sudden, because it's the vogue thing to do, coming out and saying, we've got to get involved. they've been involved. and it's a company she would love to work at for what she does goldman sachs is another

we also are are an interview with bank of america's brian moynihan who talks about it's not just charity and government programs, it's also about investment and partnering with communities to close some of those gaps that exist. and i've also been talking about how activist shareholders may may a role in this down the line where they urge more diversity on boards. that hasn't been top of mind lately, but a lot of the institutional investors that these activists support have the make a factor of their voting, and they're looking for new ways of finding trekker candidates -- director candidates. old ways of doing things are going to get you the old results, so a lot of investors have said they're using things like linkedin is finding incredibly quality, diverse candidates. jack: jack, these angry conversations in the country have been taking place on twitter. barron's caught up with the ceo this week to talk to him about his company. >> yeah. this story is not about the controversy surrounding twitter's efforts to police its content. this is a stock call. bill albert sees significant upsid

what does this mean for jamie dimon, brian moynihan, and the rest of the guys? how do they respond as we wander into july? spirit will be about phase two, which is the road to recovery. the first phase was taking care of employees and customers. now they banking executives do the hard work to ensure they can sheet,cate their one their ability to manage risk, and their ability to manage all of the businesses, including the capital market. today, it is read hard for any of the banks to look out and get any ability to project what their businesses will do for them. it will be a fascinating ride relatednext six months to the dynamics of the u.s. and as we look the profile, also the return we get as investors. jonathan: cannot agree more. well summarized. kenneth leon, global director of industry and equity research. we talked about building the bridge to the other side. have we still not made it to the other side? the banks were part of the solution of last couple of months. -- if this goes on and we have a period of time with low capacity economic down. -- to hunke

i saw what you just announced from brian moynihan. i think there are a lot of companies that will step up and want to step up and be part of the solution >> so, yeah, i think through this and i try and figure out where we're headed because i don't think things are going to get less antagonistic as we get closer to an election. i don't know how we come together or what makes that happen i know you said the senate republicans. i don't know that i would hold my breath. where are we going to find ways to bring this country back together, tom? >> becky, you know me, i'm an optimistic person. i got it from growing up in minnesota. i'll tell you, i have never been more worried about my country in my life. you know, several times over the years at dangerous moments i've quoted in my column my friend leslie goldwasser from zimbabwe. moved here immigrated to america. she once said to me, you americans kick around your country like it's a football but be careful, it's not a football it's a fabrige egg you can drop it and break it my founding exp

i think a lot of these people -- i know brian moynihan feels this way. do right do good you think these neighborhoods are not lucrative, wrong the neighborhoods are great. i'm thrilled these businesses are stepping up. >> brian nichol last night on "mad money" talking about the unrest affecting chipotle. let's listen to that >> all of our employees have been safe. we have had some damage to restaurants, but it's all damage that we can patch up and fix you know, i'm optimistic about our future and i think, you know, we have to address some of these issues that are absolutely plaguing this great country. >> brian happens to have a business model that we often forget is much more attuned to being able to have the ceo say here'ses the way it has to be. they own their own stores. their stores have hired people and trained them and given them a level of education that is other than starbucks i think second to none when you have people like brian, you have people doing things in neighborhoods that helps them advance. that's another thing it has to count. that's

again, those are comments from brian moynihan, the chairman and ceo at bank of america on this new commitment that they are announcing a billion dollars additional over the next four years. >> laura: jpmorgan ceo jamie dimon even went to a local branch to take any and solidarity. but will the money really by the protection? i guess until the next round of demands, which of course is any minute now, we will find out. but the subjugation and self humiliation that we've seen over the past week is truly nauseating. if you thought the performance activism of white liberals dramatically dropping to their knees, fist in the air, wasn't bad enough, well, you are basely missed the new trend. foot washing stations for activists. and yes, they are manned by liberals with almost a religious zeal. and don't think of having a d next to her name, even if you're a far left democrat. don't think that's enough to save you in this new, new normal. the pajama boy mayor of minneapolis found that some of his new friends in the riot in protest business weren't so friendly after all. >> jacob frey, we have a "yes" o

earlier bank of america ceo brian moynihan said here's what still needs to be down. >> things aren't going to quiet down, they should n't quiet down in the core social progress to make sheer if you go back 50 years ago when the united states was in very tough circumstances around these similar issues, 50 years later, twice as many people working, the united states made great progress and still we haven't fixed the issues and it is time to fix them. it is not enough money and we need money from other people and it is a meaningful change and the trajectory of what we were doing in health, jobs traning, scaling and small businesses and housing. >> joining me now is franklin raines, former ceo of fannie mae and president clinton's office of management and budget director great to have you here, sir. welcome. >> thank you. >> you know, this was a point that don peebles made the other day looking at the fortune 500 there's very, very few african-american black ceos. what would you say are the steps to ameliorate that >> it's a microcosm of the issues of race and corporate life and public l

moynihan, it's a nationwide company, okay? fabulous note today from best buy, ken frazier, fantastic. steve ball m steve ball mlmer doing his best, fabulous companies, but you need to coordinate it, harness it and do something there's only one person that can do that, that's the president. but no one seems to say i'm ready to meet with the president to get the job done. if that's regarded as being left wing or right wing to hell with you. i'm saying if you want to be practical, it has to be done with the white house in conjunction with these people. >> yeah. here's a quick listen of what alex gorsky told the guys on squaukz th "squawk" this morning. >> just as in business, when we take on any issue, there should be a plan, there should be objectives, accountabilities, responsibilities, so that's what we tried do at johnson & johnson. it starts by having all of our leaders do a dialogue. just yesterday, in fact, we had hundreds of these around johnson & johnson involving thousands of employees where we talked. we want to create

federal government, not just the federal reserve, but the paycheck protection program, the tax cuts brian moynihan was on your show cnbc last week saying it was remarkable small savers 20% higher checking accounts than last year. this liquidity can't be spent, things are just beginning to open up, but it sort of reminds me as a historian looking back at just after world war ii, where we had tremendous increase also in government debt and the fed and liquidity and that set a post war boom that surprised everybody and i think this liquidity is just waiting there just like it did back you know in the early '50s to break down the market and i think that's why the market is up so much right now. >> lindsey, you know it comes against the backdrop of these images playing out across the united states of social unrest and in some cases, violence and looting with the president you know threatening military force of state and lo local governments can't xwit under control. how do investors reg terror tiss and how could that have an impact on businesses just starting to reopen >> what we're seeing is

what we've seen is that under the leadership of brian moynihan, he has really derisked this balance sheet since the crisis in '08-'09. i think you see that in the stress capital buffer. he has one of the lower stress capital buffers among the big six banks. i think quite evident by that that the portfolio has been derisked the dividend payout ratio is also lower than the peers. so even if we do have this more difficult stress test that is aballisticable at the end of the year, i still think bank of america you get through it without cutting the dividend on top of that, they have one of the best digital products along with j.p. morgan i think you'll see the digital channel grow more so because of what we've gone through over the last three months. so bank of america from a valuation basis, very attractive that's the stock i own >> down 1% after hours girard, thank you for joining us >> you're very welcome thank you. >>> facebook fallout coming up, we'll ask a pair of marketing experts whether advertisers can really afford not to buy ads on the social media giant's platform that's next. it'

in terms of who we like, we think that bank of america under brian moynihan has done a remarkable job in turning bank of america around. they completely derisked the balance sheet. he's done an incredible job of increasing the profitability. for an investor looking for a company that's not likely to cut the dividends and one of the biggest banks is bank of america. another one is trueist. that was the merger between bb offen&sun tuft last trust last . they've done a good job of integrating the companies. we anticipate with the cost savings that that company is going to achieve added value that investors could have and again we don't expect a dividend cut there either. maria: all right. we will be watching tonight with the stress test. gerard, always a pleasure to talk with you. thanks so much for joining me this morning. >> you're very welcome, maria. thank you. maria: we'll see you soon. gerard cassidy joining us, rbc. stay with us. we'll be right back. you say that customers make their own rules. let's talk data. only xfinity mobile lets you switch up your wireless data whenever. i