$BAC’s Moynihan: U.S. Consumer Spending Strong in October
Brian Moynihan, Bank of America CEO, spoke with Bloomberg Television’s David Westin today about the risks facing the banking industry and the state of the global economy.
Moynihan on U.S. consumer spending:
“October is probably one of the strongest months this year relative to October of last year…It’s a strong economy…Unemployment levels are down, and wage growth is picking up. That’s all good. Now the question is, what can derail that. And that’s what we have to pay attention to.”
On cyber attacks and how often Bank of America experiences attempts to break in to the system, Moynihan said:
“You should assume that we get hit on occasion, and more than rarely. And what we do is defend it well.”