Bank of America Corp. (BAC:US) Chief Executive Officer Brian T. Moynihan said consumers are spending 5 percent to 6 percent more in September than a year earlier amid slow, constructive growth in the economy.
While there’s a lot of work to be done to reach a 3 percent economic growth rate, Moynihan doesn’t see a lot of downside risk, he said today during an interview on CNBC. Moynihan, 53, made the remarks during a joint appearance with billionaire Warren Buffett, chairman of Berkshire Hathaway Inc., who said the economy is creeping along.
Bank of America is the second-largest U.S. bank by assets. Under Buffett, 83, Berkshire invested $5 billion in Moynihan’s company in 2011 after the lender’s stock fell more than 45 percent amid mounting losses from home mortgages.
Berkshire owns an array (2FA:US) of financial, industrial and consumer companies with brands ranging from Geico insurance to Dairy Queen ice cream. The Omaha, Nebraska-based company also owns stakes in Wells Fargo & Co., U.S. Bancorp and M&T Bank Corp.
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