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BofA CEO Moynihan says US economy headed for soft landing

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Chief executives of the country's largest banks testify at a Senate Banking, Housing, and Urban Affairs hearing on Capitol Hill in Washington

Bank of America Chairman and CEO Brian Moynihan testifies before a Senate Banking, Housing, and Urban Affairs hearing on “Annual Oversight of the Nation’s Largest Banks”, on Capitol Hill in Washington, U.S., September 22, 2022. REUTERS/Evelyn Hockstein/ File Photo Acquire Licensing Rights

NEW YORK, Nov 8 (Reuters) – Bank of America (BAC.N) CEO Brian Moynihan said on Wednesday he expects a soft landing for the U.S. economy as consumer spending and commercial borrowing slow.

“Our research team is the best in the business and they have moved to the soft landing category. They have a slowdown in the economy in the middle of next year,” Moynihan said in an interview at the Reuters NEXT conference.

Reporting by Lananh Nguyen in New York, Writing by Niket Nishant in Bengaluru; Editing by Chizu Nomiyama

Our Standards: The Thomson Reuters Trust Principles.

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Lananh Nguyen is the U.S. finance editor at Reuters in New York, leading coverage of U.S. banks. She joined Reuters in 2022 after reporting on Wall Street at The New York Times. Lananh spent more than a decade at Bloomberg News in New York and London, where she wrote extensively about banking and financial markets, and she previously worked at Dow Jones Newswires/The Wall Street Journal. Lananh holds a B.A. in political science from Tufts University and an M.Sc. in finance and economic policy from the University of London.



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