Economics
BofA CEO Says Consumer Spending Bounce Signals Pent-Up Demand
- Targeted stimulus needed for unemployed, worst-hit industries
- Bank announces more investments to advance racial equality
Brian Moynihan called for more economic assistance for the millions of unemployed people and shuttered businesses in industries such as travel, leisure and entertainment.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Bank of America Corp. said the economy is on much more solid footing than it was in the early days of the pandemic.
Customer spending in January is up 9% from last year, and those who’ve received stimulus checks are largely boosting their savings, Chief Executive Office Brian Moynihan said in an interview Tuesday on CNBC.