Bloomberg Talks Bank of America Chair & CEO Brian Moynihan
Jul 16, 2025
Brian Moynihan, the Chair and CEO of Bank of America, sheds light on crucial economic dynamics. He discusses how consumer behavior is shifting amid rising interest rates and wage growth. Moynihan dives into the implications of Federal Reserve policies on the bank’s earnings, particularly net interest income. He also highlights the transformative role of artificial intelligence in banking operations, improving efficiency and customer service. Additionally, he touches on the changing skill requirements in the industry due to technological advancements.
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US Consumer Stability Amid Wage Growth
- Most consumers in the US are employed and seeing wage growth, allowing steady spending and good credit quality.
- Home equity and low-rate mortgages further strengthen consumer financial stability.
Record Net Interest Income Growth
- Bank of America's net interest income hit a record with steady growth despite expected Fed rate cuts.
- Loan and deposit growth already capitalized support further income and earnings increases ahead.
Fed Rate Outlook and Economic Health
- The Fed is expected to lower rates gradually in second half of next year to a long-term norm around 3%.
- A moderate rate environment with some inflation and growth is healthier than ultralow rates post-financial crisis.