BofA’s Moynihan Says Consumers Are Showing Little Weakness
- Consumer strength is propping up the economy, CEO says
- Bank looks to gain market share, won’t be changing headcount
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Bank of America Corp. is predicting a “shallow economy” though signs of weakness or stress aren’t showing yet, according to Chief Executive Officer Brian Moynihan.
“Consumers are spending, they have money, they are employed and they have good credit,” Moynihan said Monday in an interview with Bloomberg Television. That makes the Federal Reserve’s job to slow the economy down “tougher,” he said. “If consumers have money in this big consumer economy, that’s what keeps America strong.”