Close Menu
  • Homepage
  • Local News
  • India
  • World
  • Politics
  • Sports
  • Finance
  • Entertainment
  • Business
  • Technology
  • Health
  • Lifestyle
Facebook X (Twitter) Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
Facebook X (Twitter) Instagram Pinterest
JHB NewsJHB News
  • Local
  • India
  • World
  • Politics
  • Sports
  • Finance
  • Entertainment
Let’s Fight Corruption
JHB NewsJHB News
Home»Finance»Bank of America CEO Brian Moynihan says he sees a relatively mild recession
Finance

Bank of America CEO Brian Moynihan says he sees a relatively mild recession

April 23, 2023No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Bank of America CEO Brian Moynihan says he sees a relatively mild recession
Share
Facebook Twitter LinkedIn Pinterest Email

Brian Moynihan, chief government officer of Financial institution of America Corp., throughout a panel session on company ESG requirements on the World Financial Discussion board in Davos, Switzerland, on Wednesday, Jan. 18, 2023.

Bloomberg | Bloomberg | Getty Pictures

Financial institution of America CEO Brian Moynihan mentioned Tuesday he sees solely a slight recession hitting the U.S. as shoppers stay in stable form.

“All the pieces factors to a comparatively gentle recession given the quantity of stimulus that was paid to folks and the cash they’ve left over,” Moynihan mentioned on the financial institution’s quarterly earnings name. “On the finish of the day, we do not see the exercise on the patron facet slowing at a tempo that might point out that, however we might see industrial clients are being extra cautious.”

Moynihan mentioned that Financial institution of America’s analysis crew has been constant in calling for a gentle downturn in mild of the Federal Reserve’s aggressive fee hikes. The central financial institution has raised its benchmark rate of interest 9 instances over the previous yr for a complete of 4.75 share factors, the quickest tempo of tightening for the reason that early Eighties.

The financial institution is predicting annualized GDP contraction within the vary of half to 1 share level within the subsequent three quarters earlier than going again to constructive progress, he mentioned.

Moynihan took solace in a low unemployment fee and easing wage inflation, which ought to forestall the economic system from tipping right into a deep recession.

“The truth that unemployment remains to be 3.5% [indicates] full employment-plus. After which the wage progress is slowing and tipping over,” he mentioned. “So the indicators of inflation are tipping down and it is nonetheless there however that interprets into comparatively good exercise so we see a slight recession and we’ll see what occurs.”

Financial institution of America on Tuesday reported first-quarter earnings and income that topped expectations on the again of upper rates of interest. The financial institution mentioned its internet curiosity earnings — what it makes lending minus what it pays out to clients — jumped 25% to $14.4 billion through the quarter from a yr earlier.

“Our stress eventualities are at all times lower than anyone else’s due to how we constructed the corporate to undergo issues together with the pandemic,” Moynihan mentioned.

Source link

America bank Brian CEO mild Moynihan recession sees
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

A top Wall Street economist says the bond market is signaling a dire scenario for the economy is in sight

May 24, 2025

Gilead Sciences, Inc. (GILD)’s Breast Cancer Study Success Drives Investor Optimism Amid Broader Market Slump

May 24, 2025

BofA upgrade Southwest Gas to Neutral, says Centuri transaction removes overhang

May 24, 2025

How are credit scores calculated?

May 24, 2025
Add A Comment
Leave A Reply Cancel Reply

Editors Picks

A top Wall Street economist says the bond market is signaling a dire scenario for the economy is in sight

May 24, 2025

No tunnel road exit ramps near Vidhana Soudha: Karnataka Deputy CM D K Shivakumar | Bangalore News

May 24, 2025

Railway Ministry approves new train between Agartala and Guwahati | India News

May 24, 2025

Yes, you can also go to the Cannes Film Festival like your favourite celebrities | Lifestyle News

May 24, 2025
Popular Post

Goldman Sachs is thinking about breaking up with Apple after losing billions on its consumer banking push, reports say

Goal difference, fair play scores, draw of lots: What happens if teams finish level on points after group stage of the World Cup

Lakshya Sen on losing to Viktor Axelsen at Paris Olympics: ‘I was fighting for every point but … this gonna hurt for sometime’ | Badminton News

Subscribe to Updates

Get the latest news from JHB News about Bangalore, Worlds, Entertainment and more.

JHB News
Facebook X (Twitter) Instagram Pinterest
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
© 2025 Jhb.news - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.