The new leadership of the House Financial Services Committee appears intent on subjecting Wall Street to a harsher spotlight, but banks shouldn’t be too sure the new minority has their backs, either.
Bank of America Chief Executive Officer Brian Moynihan predicted another round of consolidation in the U.S. that could lead to the emergence of a new competitor.
Bank of America is loosening the reins on its investment bankers, sending out dealmakers in search of more middle-sized transactions in the U.S. and seeking to regain market share after cutting back on risk.
Technology is often cited as the leg up large banks have in winning over customers, but regionals are worried about the “billions and billions” bigger rivals can pour into ubiquitous ad campaigns.
"He hasn't missed any of our diversity and inclusion councils in 10 years. It starts with him and trickles down," Sheri Bronstein, the bank's global human resources executive, said.
Bank of America is showing more interest in commercial real estate lending while other lenders are pulling back, executives said. But they also said that they learned their lesson from the financial crisis and will proceed cautiously.
