Trending: Bank of America CEO Sees Soft Landing for Economy
12 Janvier 2024 - 8:41PM
Dow Jones News
1411 ET -- Bank of America is one of the most mentioned
companies in the U.S. across all news items in the last 12 hours,
according to Factiva data. Bank of America CEO Brian Moynihan has
penciled in a soft landing for the economy and offered some
insights into the state of the consumer on the company's
fourth-quarter earnings call on Friday. "We see the consumer
activity indicating that they're still in the game. They're still
spending money," he said. "They have access to credit. They've
locked in good rates on their mortgages, and they're employed. We
think the soft landing is a core thesis." The bank's outlook takes
into consideration anticipated rate cuts from the Federal Reserve.
BofA turned in quarterly earnings of 35 cents a share, missing Wall
Street's call for 53 cents. Removing two sizable charges, adjusted
earnings of 70 cents arrived in line with estimates. Dow Jones
& Co. owns Factiva. (matthew.walker@dowjones.com)
(END) Dow Jones Newswires
January 12, 2024 14:26 ET (19:26 GMT)
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