BofA Sees Euro Breakup Drag on Global Ecnonomy as Threat
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Bank of America Corp. sees damage to the world’s economy from a euro breakup as a greater threat to the lender than any loss it may suffer on direct European holdings, said Chief Executive Officer Brian T. Moynihan.
The continent’s debt crisis is already a drag on global business, and the firm has been preparing for upheaval if the euro falls apart, Moynihan said today at an investor conference in New York. The CEO of the second-largest U.S. bank spoke as speculation swirled that Greece will abandon the euro and the currency slumped to a two-year low against the dollar.