Brian Moynihan on cryptocurrency
From BoA's Brian Moynihan: See A Mild Recession End Of This Year | Davos 2023 | World Economic Forum · · CNBC-TV18
“We've always said the digital currency part of this was for other people to talk about. It's not something we need. The banking system, since we send trillions of dollars digitally every day, more than way more than half of our consumer transactions are digital today, we never quite understood what the value was. The blockchain, we have a couple hundred patents issued, 100 patents issued on it, we understand that, we're using it, we're trying to figure out how to use it. That's different. I'll let other people, you have lots of experts up here to make the case. We just stayed away from it.”
On , Brian Moynihan, Chairman & CEO at Bank of America, spoke about cryptocurrency during BoA's Brian Moynihan: See A Mild Recession End Of This Year | Davos 2023 | World Economic Forum on CNBC-TV18.
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."