Moynihan Says ‘New Normal’ in Banking Is Less Profitable

Bank of America Corp. Chief Executive Officer Brian T. Moynihan said that slow economic growth and new regulations mean that the “new normal” in retail banking won’t be as profitable as before.

The second-biggest U.S. lender by deposits is cutting costs and seeking to sell more services to existing clients to adjust, Moynihan said today at a conference in New York. The Charlotte, North Carolina-based company loses money doing business with many households at its consumer-banking operation, he said.