While the Bank of America chief says he is encouraged by progress on tax reform, he cautioned that it remains politically and fiscally tough to accomplish, and that the wrong moves on immigration could offset some of the gains from tax cuts.
Bank of America plans to provide a premium package that includes speaking directly to analysts, attending conferences and meeting senior executives of major companies and policymakers.
It’s a very large number for any bank, but Bank of America executives said the move makes good economic sense and promotes relationship-building with customers.
In a sign of broader competition ahead, bigger banks are raising the interest they pay on deposits held by business customers. The big question is how hard will it be for banks to maintain margins and to stave off consumer demands for better rates.
Brian Moynihan won praise from the Wells Fargo CEO for his handling of subprime, legal and other post-crisis issues during his first years as Bank of America's top executive.
Bank of America CEO Brian Moynihan said the Trump administration would harm U.S. businesses and undermine the financial system if it were to revive a Depression-era law separating consumer and investment banking.
Bank of America's year-over-year loan growth was slow, but parts of its commercial and U.S. consumer businesses were strong, prompting optimism from the CEO in the face of lackluster numbers across banking so far this earnings season.
Although the Dodd-Frank Act made some positive changes, the weight of its regulations is killing small banks, Bank of America CEO Brian Moynihan said Tuesday.
