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Bank of America’s Moynihan Sees Lending Growth Driven by Small Businesses

  • Small-business loan production higher than before the pandemic
  • ‘Clients have an ability to borrow,’ driving growth, CEO says
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Moynihan Sees BofA Loan Growth Up Single Digits in 2022
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Bank of America Corp. Chief Executive Officer Brian Moynihan said the company’s customers are able to take on more debt, with demand driven by small businesses and those in the middle market.

“Clients have an ability to borrow to keep the economy going,” Moynihan said in television interview Thursday with Bloomberg’s David Westin. The bank expects growth in loan balances in the single digits this year. That depends, though, on the trajectory of the U.S. economy, Moynihan said.