(MT Newswires) -- Brian Moynihan, chief executive of Bank of America (BofA), notes a slowdown in household spending growth from 10% to 4-5%. This trend, he believes, could help keep inflation in check, although it does signal a slowdown in the economy. The BofA research team believes that an interest rate cut by the Federal Reserve could be necessary as early as March to support the economy. Moynihan expresses reservations about the Basel III proposals, a set of international regulatory reforms designed to strengthen the regulation of the banking sector. He maintains that a 20% increase in regulatory capital could be excessive and could reduce banks' ability to grant loans. Finally, the CEO stresses the importance of automation and technology in cost management and workforce optimisation at BofA.
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37.24 USD | +0.98% | -1.56% | 291B | ||
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