Bank of America Executive Says Consumers Still Spending Pandemic-Era Savings

Consumer spending is still being driven by savings that built up during the pandemic, Bank of America President of Regional Banking Dean Athanasia said Tuesday (June 11).Speaking at a Morgan Stanley financial conference, Athanasia said consumers’ checking accounts are still 23% larger than they were before the pandemic, Bloomberg reported Tuesday.Athanasia also said at the event that consumer spending is still growing but has slowed from 5% year over year in 2023 to 3.5% today. Demand for borrowing has also ...