Bank of America CEO Moynihan Says Economy Slowing But Outlook Still Positive

Bank of America Corp. Chief Executive Brian Moynihan said there are signs of the US economy slowing, but his firm still expects a soft landing rather than a recession.

“The reality is there’s going to be a slowdown, but we just got to be positive,” Moynihan said Tuesday at the Goldman Sachs US Financial Services Conference. Money is coming out of customer accounts and consumer spending has “leveled out,” he said, so “that’s all good news that the economy has normalized.”