According to the U.S. Consumer Survey, Americans are increasing their spending and growing their savings. This is a good sign for America’s economy. Bank of America CEO Brian Moynihan.
Moynihan said Wednesday to Jim Cramer at CNBC that Bank of America’s cards have seen a 20% increase in spending compared to last year.
Moynihan stated that “when you look at core spending levels, consumers continue to be very powerful.” January is up almost 15 to 20% [from a year earlier]It’s a trend that we are seeing continue through February.
After only Bank of America, Bank of America ranks second in U.S. banks by assets. JPMorgan Chase. Moynihan has unique relationships with U.S. businesses, families and individuals.
Moynihan stated that although there were concerns that balances in consumer bank accounts would plummet after the end of government stimulus programs, this has not been the case. According to Moynihan, balances have increased over the last six- or seven months.
Moynihan explained that “the second thing is consumers have more money” So in January, their accounts increased again, particularly for those with lower balances.
Moynihan stated that the bank is well-positioned to earn more in an environment of rising rates. Next month, the Federal Reserve will likely increase its benchmark rate.
Interviews covered all aspects of technology investments by the bank. Bank of America has 16 million Zelle users as of the end of December. Last year, Zelle transactions surpassed paper checks by a significant margin.
The story is still in development. Stay tuned for new updates.