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CNBC EXCLUSIVE: CNBC TRANSCRIPT CNBC'S MARIA BARTIROMO SITS DOWN WITH NEWLY NAMED BANK OF AMERICA CEO BRIAN MOYNIHAN TODAY ON CNBC'S "POWER LUNCH"

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WHEN: TODAY, FRIDAY, DECEMBER 18TH AT 12:30PM ET

WHERE: CNBC'S "POWER LUNCH"

Following is the unofficial transcript of a CNBC EXCLUSIVE interview, Maria Bartiromo speaks with newly named Bank of America CEO Brian Moynihan on CNBC's "Power Lunch" today, Friday, December 18th at 12:30PM ET.

All references must be sourced to CNBC.

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MATHISEN: WELCOME BACK, EVERYONE. BANK OF AMERICA HAS A NEW CHIEF. HIS NAME IS BRIAN MOYNIHAN. HE STARTS JANUARY 1st, BUT HE'S WITH MARIA BARTIROMO RIGHT NOW. MARIA.

BARTIROMO: HI THERE, TYLER, THANKS VERY MUCH. I AM INDEED LIVE COMING TO YOU FROM RIGHT IN FRONT OF THE BANK OF AMERICA TRADING FLOOR, AND I AM WITH BRIAN MOYNIHAN, THE NEW CEO OF THE FIRM. BRIAN, NICE TO HAVE YOU ON THE PROGRAM.

MOYNIHAN: GREAT TO BE HERE, MARIA.

BARTIROMO: CONGRATULATIONS. THIS IS A BIG NEWS DAY FOR YOU.

MOYNIHAN: THANK YOU VERY MUCH. IT'S A GREAT HONOR TO SERVE THESE TALENTED PEOPLE. YOU CAN LOOK OUTSIDE AND SEE THEM ALL.

BARTIROMO: HOW DID THIS ALL COME DOWN, TELL ME HOW IT HAPPENED WHEN YOUGOT THE NEWS THAT YOU WERE GETTING THE NOD.

MOYNIHAN: I WAS IN CHARLOTTE FOR OTHER REASONS AND THEY SAID YOU NEED TO STAY AROUND AND THE BOARD HAD THEIR MEETING AND SOMEONE CAME DOWN AND SAID THEY NEED YOU TO COME UPSTAIRS I WALKED IN AND THE BOARD GREETED ME WITH A ROUND OF APPLAUSE AND GAVE ME A HUG AND SAID YOU'RE THE NEW CEO. I SAID THAT WAS TERRIFIC.

BARTIROMO: THAT WAS THE EASY PART.NOW THE HARD PART BEGINS AS FAR AS WHAT YOU WANT TO DO.CAN YOU GIVE US YOUR VISION FOR BANK OF AMERICA GOING FORWARD? IT SEEMS THE LAST DECADE HAS BEEN THE DECADE OF ACQUISITIONS WHETHER IT BE FLEET, COUNTRYWIDE, MERRIL LYNCH AND SO MANY OTHERS CREATING THIS BEHEMOTH IN BANKING IS THE NEXT DECADE ONE OF DIVESTITURES

MOYNIHAN: NO IT'S ONE OF TAKING THE FRANCHISE THAT WE BUILT OVER THE LAST TEN YEARS AND CAN HELP LEAD US TO BUILD. AND IN DOING EVERYTHING WE CAN FOR OUR CUSTOMERS AND ALLOWING OUR ASSOCIATES TO SHINE AND ULTIMATELY RETURN IT TO SHAREHOLDERS. WE DON'T NEED ANOTHER PRODUCT WE DON'T NEED ANOTHER SERVICE AND WE HAVE AN INTERNATIONAL FRANCHISE WE HAVE A DOMESTIC FRANCHISE AND IT'S SECOND TO NONE. SO NOW IT'S JUST EXECUTION AND THAT'S WHAT I'VE TOLD MY TEAM.

BARTIROMO: CAN YOU CATEGORICALLY SAY NO MORE ACQUISITIONS FOR THE NEAR-TERM?

MOYNIHAN: I DON'T SEE ANY OTHER ACQUISITION WE NEED AND I DON'T SEE IT OUT THERE.

BARTIROMO: WHERE IS THE GROWTH OF B OF A GOING FORWARD?

MOYNIHAN: WE'LL GROW ALL OUR BUSINESSES BUT I'D SAY IF THE BUSINESSES WILL GROW FASTER THAN THE OTHERS WILL BE IN THE WEALTH MANAGEMENT BUSINESS THAT SALLY KRAWCHECK AND HER TEAM LEAD OR IN THE CAPITAL MARKETS INVESTMENT BANKING BUSINESS THAT TOM MONTAG AND HIS TEAM LEAD AND THEY'RE DOING A GREAT JOB AND THOSE BUSINESSES ARE EXTREMELY WELL POSITIONED AND AS THE CONSUMER BUSINESSES COME BACK WE'LL GET EARNINGS FROM THEM AS THEY REPAIR AND THEY'LL GROW ALSO AS THE ECONOMY RECOVERS.

BARTIROMO: I'M GLAD YOU MENTIONED THOSE NAMES BECAUSE SALLY KRAWCHECK COMING FROM CITIGROUP. TOM MONTAG COMING FROM MERRILL AND GOLDMAN SACHS. WE HAVE A LOT OF CULTURES HERE AT THE FIRM. THE CULTURE OF U.S. TRUST OR THECULTURE OF MERRILL AND B OF A, DIFFERENT CULTURES.HOW DO YOU MEND THE DIFFERENT CULTURES TOGETHER AND MAKE SURE EVERYONE IS ON THE SAME PAGE?

MOYNIHAN: THE ONE THING THAT BLENDS THE TEAMMATES TOGETHER, WITH TOM, SALLY AND OTHER THAT HAVE COME FROM OTHER BUSINESSES OUTSIDE LIKE I DID IS WE ALL WANT TO WIN. WHAT BANK OF AMERICA GIVES YOU IS A PLATFORM TO WIN FROM THAT NOONE'S EVER HAD. EVERYONE HERE REALIZES THAT. ALWAYS TAKES TIME AFTER AN ACQUISITION. I'VE BEEN DOING THESE FOR 20, 25 YEARS NOW TO GET PEOPLE TO SORT OF GET TO THE NEXT PLACE, BUT THE THING THAT MOVES IS THE COMMONALITY OF THE CULTURE AND PEOPLE LOVE TO WIN TO BEATH THE COMPETITION OF BANK OF AMERICA.

BARTIROMO: IT'S INTERESTING BECAUSE YOU ALSO HAVE SOME PLAYER AS IT OBVIOUSLY IN THE WHOLE RUN UP TOYOU BEING NAMED CEO THOUGHT MAYBE THEY WOULD GET THE JOB. WE HAVE GREG CURL LEAVES, IS HE GOING TO LEAVE?

MOYNIHAN: GREG AND I HAVEN'T HAD A CHANCE HE'S BEEN IN CHINA AND MY GOAL WAS TO HAVE ALL OF THE SENIOR MANAGERS STAY AND THEY'RE A TALENTED TEAM AND THEY'RE GREAT PEOPLE AND AS A TEAM, WE'LL DO IT TOGETHER. NO CEO OF A COMPANY THIS SIZE CAN DO IT ON THEIR OWN. I NEED THE TEAM AND THE TEAM NEEDS TO WORK TOGETHER TO MAKE THIS A GREAT COMPANY.

BARTIROMO: WHO WILL RUN THE CONSUMER BUSINESS?

MOYNIHAN: WE HAVEN'T MADE DETERMINATIONS OF ANYTHING OTHER THAN YESTERDAY'S DETERMINATION AND I'M STILL ABSORBING THAT.

BARTIROMO: AS FOR AS THE CONSUMER BUSINESS AND REALLY THE BRAND AND THE FRANCHISE OF BANK OF AMERICA.IT'S BEEN BRUISED, AN IMAGE ISSUE THE WAY THE ENTIRE FINANCIAL SERVICES INDUSTRY HAS BEEN BRUISED AND HOW DO YOU REGAIN THE TRUST OF THE CUSTOMERTODAY? WHAT ARE YOU, WOG ON IN TERMS OFBRAND?

MOYNIHAN: I THINK THE BACKUP, OUR INDUSTRY HAS BEEN BRUISED IN THE MINDS OF THE CONSUMER LARGELY BECAUSE OF THE COALESCENCE OF THINGS THAT WERE GOING AND HOW PRICING WAS WORKING AND THE AMOUNT OF FREE STUFF WE GAVE AWAY AND THE PRICING WE DID TO MAKE UP FOR IT AND THEN WE RAN INTO THE ECONOMY AND THINGS HAPPENED THAT NOBODY EXPECTED. SO OUR JOB IS TO GET AHEAD OF THAT THE CONSUMERS GET THROUGH THE TOUGH TIME. WE'VE BEEN CHANGING POLICY TO BEMORE FAIR IN THE CURRENT ENVIRONMENT AND HELPING CONSUMERS MAKE IT THROUGH THE TOUGH TIMES. WE HAVE MORE TO DO TO IN OUR COMPANY IN OUR INDUSTRY TO MAKE IT WORK FOR CONSUMERS.

BARTIROMO: I READ IN THE PRESS RELEASE YOU SPECIFICALLY TALKED ABOUT LOW RATES AND NO FEES IN CERTAINBUSINESSES.IN MANY CASES THAT'S A CONTRAST TO WHAT SHAREHOLDERS WANT BECAUSE BUSINESSES AND CERTAINLY HIGH MARGIN BUSINESS.SO WHAT DO YOU DO SPECIFICALLY TO GET THE BRAND BETTER?

MOYNIHAN: I THINK IN THE CONSUMER SPACE, OUR BRAND, REMEMBER ON THE COMMERCIAL AND INSTITUTIONALSIDE AND THE TRADING SIDE IS VERY STRONG AND THEY'RE HAVING GANG BUSTER YEARS. IN CONSUMER BUSINESS THE BRAND IS BETTER THAN 90% OF THE PEOPLEOUT THERE, 95% OF IT'S FINE TUNING. BACK TO WHERE WE WERE 18 MONTHS AGO AND THAT'S BEING FAIR AND CLEAR. BEING FAIR, MEANING FAIR PRICINGAND BEING CLEAR, PEOPLE UNDERSTAND WHAT THEY'RE GETTING HELP THEM THROUGH THE TOUGH TIMES. CONSUMERS ARE DIDN'T BELIEVE THEY'D BE SUFFICIENT, OVERDRAFT FEES BECAUSE THEY DON'T HAVE AS MUCH MONEY IN THE ACCOUNT AND WE HAVE TO HELP THEM BY REDUCING THOSE WHICH WE DID AND FIGURE OUT NOT TO DO IT.

BARTIROMO: HOW DO YOU FEEL ABOUT A CONSUMER AGENCY AS PART OF THE NEW FINANCIAL REFORM?

MOYNIHAN: OUR BELIEF IS WHAT THAT AGENCY'S TRYING TO DO WE BELIEVE IS A GREAT THING.AND THAT'S TO HELP CONSUMERS UNDERSTAND AND CLARITY AND FAIRNESS AND WE ARE BASICALLY GETTING AHEAD OF THAT AND DOING THINGS. LET THE WASHINGTON, REGULATORY REFORM TAKE PLACE.WE BELIEVE THERE HAS TO BE REGULATORY REFORM. THE EXACT SHAPE OF IT WORKING WITH COLLEAGUES TO DO. WE BELIEVE THE THEMES ARE THE RIGHT THEMES.

BARTIROMO: IS THAT GOING TO IMPACT PROFITABILITY?

MOYNIHAN: IN THE LONG TERM IT WOULD IMPACT PROFITABILITY IN THE SHORT TERM FOR US AS JOE PRICE SAID ON THE EARNINGS CALL BACK IN THE THIRD QUARTER, THIS QUARTER, CHANGES OVERDRAFT FEES COST US $200 MILLION. CONSUMERS ARE PAY $200 MILLION LESS, AND THAT'S REAL MONEY SO IT WILL COST ON THE SHORT TERM. LONG TERM OUR INDUSTRY NEEDS CAPITAL. OUR INDUSTRY HAS TO MAKE MONEY TO HELP SUPPORT THE ECONOMY. OUR CUSTOMERS ARE WILLING TO PAY US FAIRLY. IT WILL EQUALIZE.IN THE SHORT TERM WE'LL BE GIVING UP REVENUE.

BARTIROMO: HOW DO YOU GET THE BANK BACK TO PROFITABILITY?

MOYNIHAN: WELL I THINK THAT THE KEY ITEMS FOR BANK PROFITABILITY AS A CEO, THE SHAREHOLDERS, THE OWNER, WE HAVE TO DRIVE AND GIVE THEM -- GENERATE CAPITAL AND GIVE IT BACK TO THEM EITHER THROUGH DIVIDENDS OR SHARE REPURCHASES.THE WAY TO DO THAT IS GET THE CREDIT STRAIGHTENED OUT. AND WE HAVE SEEN SOME GOOD NEWS AS THE CREDITS IMPROVED IN VARIOUS CONSUMER BUSINESSES THE ECONOMY'S STILL TOUGH. WE NEED TO KEEP WORKING AND WORK THROUGH THAT. IT'S TOUGH SLEDDING NOW.BETTER THAN LAST YEAR.

BARTIROMO: IS IT FAIR TO SAY WE WON'T SEE A DIVIDEND IN 2010 OR WOULD YOU BE PAYING OUT A DIVIDEND NEXT YEAR?

MOYNIHAN: I HAVEN'T THOUGHT ABOUT THAT.I HAVE TO WORK WITH JOE PRICE, OUR CFO.WE HAVE TO START EARNING BEFORE WE PAY DIVIDENDS.

BARTIROMO: HOW DOES THE ECONOMY IN THE BROAD LANDSCAPE LOOK TO YOU NOW?

MOYNIHAN: YOU COULD GIVE THE SAME STATISTICS THAT YOU GET 50 PEOPLE TO WANT TO TALK BUT I'D TALK ABOUT WHAT -- THE UNIQUE INSIGHT WHAT WE HAVE WHAT CUSTOMERS TELL US. WE TOUCH 60 MILLION CONSUMER HOUSEHOLDS SMALL BUSINESES AND MEDIUM SIZE BUSINESSES AND THEY'RE TELLING US, THEY'RE FEELING INCREMENTALLY BETTER, THINGS ARE BETTER, THEY'RE SPENDING MORE BUT IT'S NOT HEALED.OUR MIDDLE MARKET COMPANIES ARE DRAWING LINES OF CREDIT, IN OTHER WORDS, WORKING CAPITAL, ATTHE LOWEST LEVELS THEY'VE DONE IN HISTORY. AND THE REASON WHY IS THEY DON'THAVE DEMAND FOR PRODUCTS.THEY'RE NOT EMPLOYING MORE PEOPLE THEY'RE NOT BUILDING MORE INVENTORIES.SO, ON A CONSUMER SIDE IT'S THE SAME THING.CONSUMERS STRUGGLING TO HANG IN THERE.OUR JOB TO GET PEOPLE EMPLOYED, FEEL GOOD ABOUT THE EMPLOYMENT TO SPEND, AS A COUNTRY, AN ECONOMY, AND A COMPANY.IF WE DO THAT I THINK THE ECONOMY'S IMPROVING BUT NOT ROBUST.

BARTIROMO: SO YOU STILL SEE SORT OF A SLUGGISH SITUATION.

MOYNIHAN: EVERYTHIHNG WE SEE IS WE'LL GET GROWTH BUT IT WILL NOT BE THE GROWTH WE FEEL ROBUST UNTIL WE SEE EMPLOYMENT LEVELS AND SPENDING PICK UP FROM THE CONSUMER

BARTIROMO: THE JOB WAS A HORSE RACE, YOUR JOB. YOU COME TO THE TABLE WITH A VAST RESUME COMING FROM FLEET, COMING FROM VARIOUS AREAS OF FINANCIAL SERVICES, CAPITAL MARKETS, INVESTMENT BANKING WHAT DO YOU BRING TO THE TABLE?WHY ARE YOU THE RIGHT MAN TO LEAD THIS FIRM?

MOYNIHAN: I THINK I BRING A COMBINATIONOF SKILLS.I'VE BEEN AN OUTSIDE PERSON, OUTSIDE AS A LAWYER HELPING THE FIRST EIGHT OR TEN YEARS. AND THEN I WAS A STRATEGIST SO I UNDERSTOOD LOTS OF BUSINESSES. I BOUGHT A LOT OF COMPANIES QUICK AND RILEY AND BOUGHT THOSE OVER THE YEARS. AND IN YEAR 2000 I STARTED LEADING PEOPLE AND DRIVING BUSINESSES. THE SKILLS I HAVE ARE THE ANALYTICAL AND PEOPLE SIDE. AT THE END OF THE DAY MY JOB IS TO GET 300,000 TEAMMATES TO DO THE BEST THEY CAN EVERY DAY. I'VE LEARNED A LOT THROUGH THE LONG CAREER I'VE HAD, IN THE DIFFERENCE BETWEEN THE ROLES THAT YOU PLAY AND WHAT YOU DO.

BARTIROMO: THE BANK TOUCHES THE MOST NUMBER OF CONSUMERS THAN ANY OTHER FINANCIAL INSTITUTION.WHEN LOOKING AT U.S. AND IN TERMS OF YOUR INTERNATIONAL PRESENCE, THAT'S ANOTHER SIGNIFICANT STORY. SO LET ME ASK YOU THIS. AS WE HEAR DEBATE ABOUT GLASS-STEAGALL AND ABOUT TOO BIG TO FAIL, IS BANK OF AMERICA TOO BIG TO MANAGE?

MOYNIHAN: IT IS NOT.THAT'S BECAUSE DESPITE THE SIZE OF THE BALANCE SHEET, DESPITE THE SIZE OF THE CAPITAL BASE, CUSTOMER BASE, EVERYTHING WE DO IS AGAINST PEOPLE AND COMPANIES AND INVESTORS AND THEY'RE ALL LOGICALLY ARRANGED AND THEY'RE ALL UNDERSTOOD BY THE PEOPLE RUNNING THEM AND WE HAVE GREAT MANAGERS AND CONTROL SYSTEMS AROUND IT AND WE'VE GOT TO CONTINUE TO IMPROVE THEM. WE STUMBLEN AND WE WILL CONTINUE TO IMPROVE.BUT IF YOU THINK ABOUT THE CORE,THERE'S NOT THINGS THAT DON'T MAKE A DIFFERENCE. THERE'S NOT THINGS THAT ARE GEEZ, THAT IS BUSINESS RELEVANT TO THE CUSTOMER BASE?THEY'RE ALL RELEVANT. THEY'RE ALL GREAT BUSINESSES IT'S TAKEN A LONG TIME TO PUT THEM TOGETHER. MY JOB WITH THE TEAM'S JOB, MOREBROADLY TO DRIVE THAT FORWARD AND EXECUTE, EXECUTE, EXECUTE.

BARTIROMO: YOU ARE TALKING ABOUT $2 TRILLION IN ASSETS.CITIGROUP WAS $2 TRILLION, IT ISON ITS WAY TO $1 TRILLION. WHAT IS IT GOING TO BE AT B OF A IN THREE YEARS

MOYNIHAN: I THINK OUR BALANCE SHEET WILL BE WHAT IT IS TODAY AS WE WORK THROUGH IT AND WORK THROUGH THE RECESSION. I DON'T SEE DRAMATIC GROWTH ON THE BALANCE SHEET, JUST BECAUSE DEMANDS AREN'T THERE TO DO IT. OUR COMPANIES ABSOLUTELY LOGICALLY ARRAYED AGAINST CUSTOMERS THAT NEED OUR SERVICES THERE ISN'T ANYTHING THEY DON'T DO THAT WE DON'T NEED FROM YOU AND ME AS CONSUMERS TO THE BIGGEST COMPANIES IN THE WORLD.

BARTIROMO: HOW TOUGH IS THE LAST YEAR FOR YOU?TESTIFYING IN WASHINGTON, BEING SORT OF THE AMONG THE COMPANIES THAT THE PUBLIC, YOU KNOW, FACING THE WRATH OF THE PUBLIC, TELL US HOW IT'S BEEN.

MOYNIHAN: 2009 WILL BE A GOOD YEAR TO PUT BEHIND US IN A LOT OF WAYS.I THINK IT WAS WORTH IT, TO SEE WHAT WE HAVE, THE TALENT THAT THE COMPANY HAS, IT WAS ALL WORTH IT. MORE IMPORTANTLY, I DON'T REGRET IN A SENSE BUT WE LEARNED A LOT, I'LL SAY THAT.

BARTIROMO: WHAT DID YOU LEARN? WHAT ARE THE REGRETS OR MISTAKES THAT YOU CAN TELL US ABOUT THAT PERHAPS WILL NOT BE REPEATED.

MOYNIHAN: WE'LL NEVER HAVE OUR COMPANY IN POSITION WITH CAPITAL AND LIQUIDITY IS NOT SO ASSURED IN THE TOUGHEST RECESSIONS THAT WE'RE GOING MAKE IT THROUGH TO BE THERE FOR OUR CUSTOMERS, NEVER WILL BE IN A POSITION TO HAVE NEED HELP.

BARTIROMO: BEGINNING JANUARY 1 WHAT IS NUMBER ONE ON THE AGENDA?

MOYNIHAN: SERVE THE CUSTOMERS WELL.

BARTIROMO: THANK YOU. BRIAN MOYNIHAN, NEW PRESIDENT AND CEO OF BANK OF AMERICA.

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