When was the last time an activist rock star gave a standing ovation to a “too-big-to-fail” bank? That’s just what happened last week when U2 front man Bono extolled the generosity of Bank of America and joined CEO Brian Moynihan at the World Economic Forum in Davos.
Moynihan and U2 frontman Bono announced a $10 million BofA commitment to RED, the AIDS charity co-founded by Bono. In a clever promotional twist, the bank will tie its donation to U2′s newest album release during the upcoming Superbowl. BofA agreed to pay for every download of the album’s song “Invisible” for 24 hours, an investment they will back with expensive Superbowl advertising.
Rarely have Moynihan and his bank basked in such a warm reception. Under the bright Davos sunshine, CNBC and The Financial Times (among other news media) took turns interviewing the Boston-based banker and his rock activist partner. The visual contrast was nearly as noteworthy as Bono complimenting the bank for its “game-changing influence.”
THE PR VERDICT: “A” (PR Perfect) for BofA’s brand-building philanthropy.
THE PR TAKEAWAY: Regain trust by carefully picking your allies. Despite continuing efforts to engage in a public dialogue and foster good will, progress has been incremental over the past five years. In Davos last week, BofA wisely avoided interviews about its business. Instead, it joined a unique global health initiative and happily played back up to a true superstar. Well done, BoFA.