BofA’s Moynihan Says Breaking Up Banks Would Hurt U.S. Interests
- Trump said Monday he may seek to revive law splitting banks
- Firms are safer combined, help companies expand, Moynihan says
Moynihan Says Not in U.S. Interest to Break Up Banks
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Bank of America Corp. Chief Executive Officer Brian Moynihan said the Trump administration would harm U.S. businesses and undermine the financial system if it were to revive a Depression-era law separating consumer and investment banking.
“It would be against America’s interests to break up the large banks,” Moynihan, head of the nation’s second-largest lender, said Wednesday at the Bloomberg Breakaway Summit in New York.