Bank of America CEO Wants Better Customer Service

by Christopher Freeburn | January 30, 2013 11:14 am

Bank of America CEO Wants Better Customer Service

bank of america branch exterior 630 300x239 Bank of America CEO Wants Better Customer Service[1]Employees at Bank of America (NYSE:BAC[2]) are being urged to communicate more clearly and improve customer interactions with the bank[3].

The advice comes from CEO Brian Moynihan in a letter sent to the bank’s 270,000 employees around the world. It comes after Bank of America received a poor score in last month’s American Customer Satisfaction Index. Of the nation’s four largest banks, Bank of America was ranked lowest by consumers, Reuters noted.

A series of missteps, including a hastily withdrawn plan to charge debit card users a $5 monthly fee, has damaged the bank’s reputation with consumers[4].

Moynihan has had a full plate as CEO, including extricating the bank from the fallout of the mortgage crisis and its 2008 acquisition of failed subprime mortgage lender Countrywide Financial[5], which has produced billions in losses and investor lawsuits. He is now hoping to boost the bank’s profitability.

In his letter, Moynihan suggested that telephone service representatives should model customer interactions on its those of its Merrill Lynch financial advisers. He also wishes to add investment and mortgage experts to bank branches to assure accurate communication and guidance for customers.

Shares of Bank of America slipped fractionally in Wednesday morning trading.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2012/10/bank-of-america-branch-exterior-630.jpg
  2. BAC: http://studio-5.financialcontent.com/investplace/quote?Symbol=BAC
  3. improve customer interactions with the bank: http://www.chicagotribune.com/business/breaking/chi-bank-of-america-ceo-tells-employees-to-give-customers-better-service-20130129,0,2867749.story
  4. damaged the bank’s reputation with consumers: http://investorplace.com/2011/10/bank-of-america-debit-card-bac/
  5. its 2008 acquisition of failed subprime mortgage lender Countrywide Financial: http://investorplace.com/2013/01/bank-of-america-to-pay-10b-in-mortgage-settlement/

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