Moynihan Says Bank of America Cybersecurity Unit Has Blank Check

Bank of America Corp.’s cybersecurity team can spend as much as needed to protect the firm and its customers, Chief Executive Officer Brian T. Moynihan said.

“The only place in the company that doesn’t have a budget constraint is that area because how would I know how to assess, why would I take my judgment and say you could do this cheaper,” Moynihan said today in a Bloomberg Television interview from Davos, Switzerland. “They’re judicious in how they spend it, but the reality is you’ve got to be willing to do what it takes at this point.”

Moynihan said the Charlotte, North Carolina-based bank spends in excess of $400 million a year on cybersecurity, and that it’s “going north of that” in 2015.

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