How Low-Ego Leaders Are Outperforming the Loud Ones
05/13/2025
No Comments
Loud leaders once ruled the boardroom. Charisma was currency. Big talk drove big valuations.
July 18, 2022: -Bank of America was fined $225 million for “botching the disbursement of state unemployment is beneficial at the height of the pandemic,” the subject of a CNBC investigation in the previous year.
The Consumer Financial Protection Bureau is fining the firm $100 million, and, in a particular order, the Office of the Comptroller of the Currency has fined the bank $125 million. The order needs Bank of America to be engaged in a process that will provide restitution for consumers whose accounts were frozen for what the CFPB known as a “faulty fraud detection program.” On Thursday, both fines were announced.
“The bank failed the prepaid cardholders by denying them permission to their mandated unemployment funds in the height of the pandemic and leaving the vulnerable consumers without an effective way to cure the situation,” said the Acting Comptroller of the Currency Michael Hsu.
“Banks are paying attention to the financial health of their customers and conduct their activities following all consumer protection laws,” he added.
Bank of America had contracts with nearly 12 state agencies to provide unemployment and benefit payments through prepaid debit cards. These cards targeted fraud when the pandemic hit and the unemployment rate surged in 2020. It has just one, California, which extended the relationship.
The bank said that “the states were accountable for reviewing and accepting applications and directing to issue payments.” As such, Bank of America said it supports the government “successfully issue more than $250 billion in pandemic unemployment benefits to over 14 million people and distributed more pandemic relief to Americans than any other bank.”
“This action arose despite the government’s acknowledgment that the unemployment expansion during the pandemic created an unprecedented criminal activity where the people who are not allowed were able to get states to accept tens of billions of dollars in payments,” Bank of America said, and further said that it “partnered with the state clients to identify and fight fraud in the pandemic.”
Loud leaders once ruled the boardroom. Charisma was currency. Big talk drove big valuations.
But the CEOs who make history in downturns aren’t the ones with the deepest cuts
Companies invest millions in leadership development, yet many of their best executives leave within a few years. Why?
The most successful business leaders don’t just identify gaps in the market; they anticipate future needs before anyone else.
With technological advancements, shifting consumer expectations, and global interconnectedness, the role of business leaders
The leadership landscape is profoundly changing, influenced by technological advancements, shifting workforce expectations, and the need for adaptability in an unpredictable global environment.
May 14, 2025: Canada–U.S. relations are under intense strain following a new wave of tariffs imposed by the Trump administration.
Loud leaders once ruled the boardroom. Charisma was currency. Big talk drove big valuations.
May 12, 2025: Ukrainian President Volodymyr Zelensky has publicly challenged Vladimir Putin to attend in-person peace talks,
April 29, 2025: Mark Carney has secured a decisive victory in Canada’s federal election, returning to national leadership after years at the helm of major central banks.
Leave us a message
Subscribe
Fill the form our team will contact you
Advertise with us
Fill the form our team will contact you
