Bank of America Chairman Walter Massey Speaks to Associates Commemorating Black History Month

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Feb 17, 2010, 09:00 ET

CHICAGO, Feb. 17 /PRNewswire/ -- Bank of America Corporation Chairman Walter Massey spoke with bank associates at the historic DuSable Museum of African American History commemorating Black History Month. (Speech is below.)

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"When I think about the two great communities in which I live and work – the community of Hyde Park and the community of Bank of America – I think we can all agree that both communities stand out – and aspire to stand out – as model meritocracies, as places where, to paraphrase the words of the late, great Dr. King, men and women are judged not by the color of their skin or ethnic background but the content of their character," Dr. Massey said. He cited the "economic empowerment" theme of this year's Black History Month as in keeping with the bank's renewed commitment to economic development and recovery for households, neighborhoods and communities worldwide.

In addition to associate participation, Michael Howard, founder and CEO of Fuller Park Community Development Corporation; James Reynolds, chairman and CEO of Loop Capital Markets and chairman of the board of the Chicago Urban League; and Carol Adams, Ph.D., president and CEO of DuSable Museum of African American History were honored at the event. The Bank of America Charitable Foundation provided a $10,000 donation to the Fuller Park Community Development Corporation in partnership with two of the bank's associate affinity groups: the Black Professional Group and the Hispanic/Latino Organization for Leadership and Advancement.

Introduction given by Kieth Cockrell, Midwest Region Executive & Michigan Market President

…thank you for that generous introduction.

I'd also like to thank all the associated affinity groups for inviting me to share a few thoughts in celebration of Black History Month.

It's a pleasure to be here for many reasons. But one that certainly comes to mind at the moment is that I live right here in this neighborhood, just three blocks from the museum…

So yes, it was no great challenge to get here. But I didn't come here this evening just because I could walk over here in a few minutes. Or even to enjoy the food, fun, drinks and fine entertainment, or the company of colleagues.

I came because, as your chairman, I feel honored to reflect with you on many of the accomplishments we can feel good about, and many of the challenges we have yet to address.

On my way here this evening, I found myself thinking about why my wife and I chose to move back to this neighborhood three years ago following my retirement from the presidency of Morehouse College.

True, my wife was born and raised in the neighborhood.

True, we lived here happily during my tenure as director of the Argonne National Laboratories back in the early eighties.

And yes, we still have many friends here and love spending time at the local museums and other wonderful cultural institutions.

But the real reason we moved back here, and feel so proud to be a part of this community, is that the Hyde Park neighborhood represents, in my opinion, a model urban neighborhood.

And when I think about the two great communities in which I live and work – the community of Hyde Park and the community of Bank of America – I think we can all agree that both communities stand out – and aspire to stand out – as model meritocracies, as places where, to paraphrase the words of the late, great Dr. King, men and women are judged not by the color of their skin or ethnic background but the content of their character.

So as we celebrate Black History Month here in this beautiful and historic setting, it seems altogether fitting that within just a few blocks of here, we have Nobel Prize winners and university presidents living next door to people who work for the city, who live next door to artists, professionals and working families…

And I find it altogether appropriate that in 2010, when the devastation in Haiti is much on our minds, that this museum should be named after Jean Baptiste Pointe du Sable, a Haitian colonist of mixed French and Haitian ancestry who was the first settler and person of color to establish himself in the area now known as Chicago.

When we think back on the hardships that du Sable overcame to establish his thriving trading post in the wilderness, it's hard not to think of the countless other men and women of color in history who overcame similar challenges to take a stand on behalf of ambitions and causes they believed in and which, in many cases, they were willing to die for.

I'm thinking here of Nelson Mandela, released from prison twenty years ago this month, who inspired the theme of this year's Black History Month with the following quote:

"There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living."

It's hard not to stand here at this podium, in this institution, in this neighborhood, and not feel proud of the fact that 100 years ago, a group of reformers founded the National Urban League to address the economic development issues of African Americans.

Which has in turn provided the theme of this year's celebration: the economic development of African Americans during the deepest recession in at least half a century.

And of course, as your chairman, it's hard not to feel pride at the important role that we're playing in aiding the economic recovery of literally millions of households and thousands of communities, many hard hit by the downturn, this year… and that we will play in the years and decades to come.

Despite an economy that remains fragile, we have much to celebrate this year...

…including the fact that…more than two centuries after its founding, our nation elected a person of color – and a man from this neighborhood! – to the presidency of the United States.

And including the fact that – though I do not mean to imply any sort of analogy – the good citizens of Hattiesburg, Mississippi, where I grew up, would have perceived my appointment as chairman of Bank of America at least as unlikely as President Obama's election.

And of course, in my case, the fact that I am not a banker but a physicist by background and training might well have contributed to the unlikelihood of such a scenario.

But here I am… and here we are.

And while we're on the topic, I think it's worth pointing out that one of the reasons I was appointed to the board of our California predecessor bank in 1993 was that the leadership was looking not just for ethnic and racial diversity but for a diversity of perspective stemming from my professional background as a scientist and educator.

Looking back on those early years with the bank, I can recall getting to know Hugh McColl and Ken Lewis following the merger with NationsBank, which formed the foundation of the modern-day Bank of America.

From our very first meetings, seventeen years ago, I came away impressed by the depth of commitment that the bank's leadership shared in making this institution the most admired company in the world, and one of the most diverse and inclusive environments in our industry.

And, of course, that deep commitment continues undiminished today under the leadership of our new CEO, Brian Moynihan, who served as chairman of our Diversity and Inclusion Council for nearly two years and has chosen to remain in that role while serving as CEO.

I can think of no stronger statement than that of the degree to which the leadership of this organization has stood by this commitment to diversity and inclusion through the years I have had the honor of serving on our board.

Because no message on any topic is more powerful than one that has been regularly reinforced from the top.

So at Bank of America, we can take genuine pride in the fact that we take the idea – and the ideal – of diversity and inclusion so seriously.

Here we see it as not so much a matter of social or societal obligation but as an integral part of our cultural and institutional fabric.

It is, I think we can agree, a commitment to diversity and inclusion in the largest and best sense of the term – to diversity not just of race, gender or ethnic background, but to a respect for diverse points of view, diverse ideas, diverse insights, and diverse solutions to the many problems and challenges we face as we move ahead.

And when we think of this year's theme for Black History Month, the theme of economic development and empowerment for those less privileged in our society, we can see a similarly serious commitment.

This year, we have made real progress in advancing a new agenda, dedicated to promoting the ideas of clarity, transparency, and fairness to customers, clients and associates.

This agenda, we feel confident, will provide the key to rebuilding communities, strengthening households and families, regaining trust, and aiding in the economic recovery of our nation and the world.

As one of the largest, most powerful and broadly distributed financial institutions on earth, we owe our constituents, our customers, our stakeholders and shareholders, and ourselves, nothing less.

Thank you once again for inviting me to share this evening of pride and accomplishment and celebration with you.

Have a wonderful evening.

End of speech

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