Bank of America Chair and CEO Brian Moynihan discusses the state of the US consumer, economy and banking system. Speaking with Jonathan Ferro and Lisa Abramowicz on “Bloomberg Surveillance,” Moynihan also comments on recent trading activity, bank regulation and the risks associated with commercial real estate.
For more on this story, please see: https://www.bloomberg.com/news/articles/2024-03-19/bofa-s-moynihan-says-commercial-real-estate-will-be-slow-burn
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Bank of America has the best security features among its peers.
This is why we need to bring back Glass-Steagall, separate banking from risky "investment" casino trading. Bloomberg smiles and goes along like this is normal. CRE collapse? No problem, the Fed will bail out everyone and send the bill to taxpayers. A money-making machine protected by US government moral hazard. Brian is proud of recent trades but let's do a follow-up when the markets tank 50%-60%. I'd smile too if I could charge every American working consumer nearly 30% on their credit card purchases. No questions about Basel III harmonization, which would strengthen the banks against global chaos by increasing reserve requirements (which have been zero since spring 2020 the pandemic panic). But this would slash profits and executive bonuses, less money to gamble with. Damn it feels good to be a gangsta.
These "experts" are always wrong. Im concerned about the highest credit card debt in history. My company is huge and has taken away our bonus and has begun to limit OT. Eventually, these bills are due. Real people are financially choking.
That's terrifying , reducing workforce by what half to do more revenue , and looking to sack even more people the more revenue they get , this
not good
What about your record level of losses on the books in your bond portfolio?
This guy a joke
Bottomline: unpredictable.
XRP
Don’t forget to mention the 7% to gdp deficits. 😂
US economy has grown for the top 10% of earners. For everyone else the dollar amount has gone up but so has cost. We're seeing the end of first time home ownership in the US which will destroy the middle class in a generation.
Your videos help me get over my stressful day
Bottom line the banks need to hold on to Cash. So we don't have a run on the Banks. The Government is not able to bail the Big Banks out. (AI) they know what will happen? Or all the hype on chips is just a Cash Crab. Just watch the XM Bank That shows who is moving money deals. It's not hard.
So tired of big bank CEO's saying the consumer is resilient. Many are spending other people's money making the economy look better. C Cards, BNPL loans, forbearance on mortgages, auto loan delinquency, and on and on. Wake TF up people. Stop making these guys wealthier…….save and learn to invest wisely.
was this filmed in a Casino? If not, why does it sound like it?
All markets are saying that money is very loose, not tight
CRE is the long standing problem facing many local governments and banks
He wants people to relax, keep spending and be happy. When your personal worth is $100 million it’s easy to sit back, smile and talk about how tough your job can be. Moynihan is out of touch with Main Street.
Crook! 🤦🏽♂️
Nice interview, thanks for posting. Here's to hoping the bottom tercile can manage some savings.
you will fail again. Your lending practices are screwed. 0% interest rates for 10 years. People borrowed now they can't pay you back because of higher interest rates. Bail out time coming and it won't work this time.
powell is tightening. He is loose. Stock markets don't go up. when reagan and volcker fought inflation the markets were falling.
The us economy has 34 trillion dollars of printed money debt. You have runaway inflation. Higher prices going higher. The printing press is running steady.
in capitalism if a bank fails the taxpayers don't have to bail it out.
anyone can run a back when you fail and get bailed out. Get a brain.
in capitalism your bank would of failed. you are in socialism. You got it backwards.
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