Business

Bank of America CEO Brian Moynahan said this year’s credit and debit card spending will be 20% more than in 2019.

According to the report, American consumers are spending more freely as the economy continues to open. Bank of America CEO Brian Moynihan..

Moynihan said on CNBC’s Becky Quick MondaySquawk Box.“This comparison excludes 2020, which is an unusual year in many respects, due to the spread of stay-at-home orders due to the outbreak of a pandemic.

“People have gotten and used a lot of incentives,” Moynihan said. “Unemployment is declining and people are back to work. People can go to amusement parks, travel in the United States, eat out. You can see everything open. I’m watching it.”

When a member of the Diet passes President Joe BidenThe March Stimulation Bill brought total coronavirus stimulation to $ 5 trillion, a major response to an unprecedented situation. This allowed us to avoid the borrower’s default wave across credit cards, mortgages and car loans that was expected at the time of the pandemic.

Almost all spending categories are recovering, with the exception of travel, and travel is 15% lower than in 2019, according to Moynihan. Bank of America is the second largest US bank in assets. JP Morgan Chase It is associated with about half of American households.

Exciting checks and unemployment benefits have boosted customers’ checking accounts, Moynihan said. An account with an average balance of about $ 1,000 to $ 2,000 is “six to seven times more than before the pandemic,” he said.

“They are starting to spend a little of that money,” Moynihan said. “The money is still there and they are spending it because they have the opportunity.”

In an extensive interview, Moynihan said spending on cybersecurity at banks has risen from about $ 300 million a year when he took office as CEO to well over $ 1 billion a year.

He also said that 60,000 US employees have been informed of the status of vaccinations to banks and have been invited to office work, a process that lasts until Labor Day.

This story is developing. Check for updates.

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Bank of America CEO Brian Moynahan said this year’s credit and debit card spending will be 20% more than in 2019.

Source link Bank of America CEO Brian Moynahan said this year’s credit and debit card spending will be 20% more than in 2019.

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