Brian Moynihan on banking
From SpaceX Seeks to Raise $75 Billion in Biggest IPO Ever; Bank of America CEO Brian Moynihan |... · · Bloomberg Podcasts
“We have a $5 a month account. We have a $500 loan where you pay no interest, no fees. You just have to pay it back. You can borrow it a couple times a year. So, we're always working on affordability of our products and our overdraft fees are $10 versus a market of $35 for those that choose to have overdrafts. So, we have an affordability package in banking is second to none.”
On , Brian Moynihan, Chairman & CEO at Bank of America, spoke about banking 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."