Bank of America CEO: Consumer Spending Results ‘Bodes Well' For Economic Outlook

Interest rate cuts might have been on the mind of the Wall St. analysts gathered for the Bank of America third-quarter earnings call today (Oct. 15), but digital transformation and healthy consumer spending turned out to be the stars of the show. As Bank of America CEO Brian Moynihan told the call’s audience, he sees consumer payments as the key indicator of the banks and the economy’s financial health, and those payments were up 5% year-over-year for the quarter. Moynihan and CFO Alistair Borthwick deflect ...