Bank of America Corp. provided a bullish outlook after reporting a smaller-than-expected 13 percent fall in first-quarter profit on Monday, as growth in consumer lending overshadowed a decline in global dealmaking.
Chief Executive Brian Moynihan said Bank of America customers had spent at the highest level ever recorded for the first quarter, representing a double-digit percentage increase from a year ago.
“Could a slowdown in the economy happen? Perhaps. But right now, the size of the economy is bigger than pre-pandemic levels. Consumer spending remains strong, unemployment is low and wages are rising,” Moynihan told analysts on a conference call.
Moynihan’s comments contrasted with those of JPMorgan Chase & Co. Chief Executive Jamie Dimon, who last week warned of economic uncertainties arising from Russia’s invasion of Ukraine and soaring inflation.
…