BofA’s Moynihan Says Workforce Swelled as Attrition Slowed
- ‘We overachieved on the hiring side,’ CEO says from Davos
- Consumer remains resilient as mild recession looms, he says
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Bank of America Corp. got ahead of where it wanted to be on staffing as the lender’s attrition rate started to cool over the past year, Chief Executive Officer Brian Moynihan said.
“We overachieved on the hiring side and we went past our target headcount. And now we can do a slowdown in hiring,” Moynihan said Thursday in a Bloomberg Television interview at the World Economic Forum in Davos, Switzerland. The bank’s attrition rate slumped last year, he said. “I’ve been telling people we’re going to have enough people do a great job for our customers, but let’s be careful.”