BofA Chief Says He’s Optimistic on Outcome of Fiscal Cliff Talks

Bank of America Corp. Chief Executive Officer Brian T. Moynihan said he’s encouraged by the tone of discussions in Washington designed to avert the so- called fiscal cliff.

“I’m more optimistic by everything I’ve read,” Moynihan said today in London during a Bloomberg Television interview. Lawmakers are taking the matter “very seriously,” he said.

Moynihan, 53, told investors this month that businesses have delayed capital spending until the outcome of the fiscal cliff negotiations in Washington becomes clear. The term refers to a package of tax increases and spending cuts that begin taking effect in January unless Congress comes up with a new budget plan.

Bank of America shares gained 70 percent this year as of 11 a.m. in New York, the best showing in the Dow Jones Industrial Average. The bank ranks second by assets in the U.S. and is based in Charlotte, North Carolina.

To contact the reporters on this story: Hugh Son in New York at hson1@bloomberg.net; Erik Schatzker in New York at eschatzker@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

11:58

Nov. 19 (Bloomberg) -- Brian Moynihan, chief executive officer of Bank of America Corp., talks about the company's business strategy and outlook for the U.S. housing market and so-called fiscal cliff. He speaks with Erik Schatzker and Stephanie Ruhle on Bloomberg Television's "Market Makers." (Source: Bloomberg)