Brian Moynihan on consumer spending
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“About $2 trillion goes from our consumers in the economy every year, excuse me, about $5 trillion a year, $4.2 trillion plus growing at 5% in the aggregate, debit card to card a little faster and it's going everywhere. Now when you watch within that you start to see your point about what consumers do. They're going to the gas station more times and spending a lower amount because from a budgetary basis they don't want to spend that much but they're still buying more on entertainment. It's up 13% year-over-year in the month of May.”
On , Brian Moynihan, Chairman & CEO at Bank of America, spoke about consumer spending during SpaceX Seeks to Raise $75 Billion in Biggest IPO Ever; Bank of America CEO Brian Moynihan |... on Bloomberg Podcasts.
About Brian Moynihan
Brian Moynihan, chairman and CEO of Bank of America, has been discussing the bank's economic outlook, consumer spending, and investments in artificial intelligence. He stated that the U.S. economy is growing at 2% to 2.1% in 2026, and described consumer spending as resilient, noting that credit and debit card spending grew 5% in the first quarter of 2026 and entertainment spending was up 13% year-over-year in May. Moynihan acknowledged affordability issues related to housing and gas prices, and said he advises mayors to "build more housing" to address supply. He also said the bank's economists predict unemployment will remain around 4.3%. Moynihan addressed concerns about AI's impact on jobs, stating that Bank of America is hiring 4,000 campus recruits, including 2,000 interns and 2,000 permanent hires. He said the bank spent $350 million on AI-related spending in 2026, and that all 200,000 employees have access to AI tools. Moynihan described the bank's approach as ensuring "a human has to stay in the loop." He also discussed the bank's sponsorship of FIFA and its "Sports With Us" program, and announced a $2 million donation to Vet Tix to provide tickets for veterans and first responders. Reflecting on his 17-year tenure as CEO, Moynihan said his leadership approach is to "manage by process" and described his hoped-for legacy as "capitalism done right."