BofA CEO Moynihan on Affordability, Lending and AI Spending

Summary

Bloomberg's Dani Burger interviews Bank of America CEO Brian Moynihan about consumer spending, affordability, AI investment, and small business confidence. Moynihan highlights resilient consumer spending driven by low unemployment, despite high gasoline prices. He discusses Bank of America's significant AI spending and workforce reskilling, and notes that small businesses could unlock growth with policy certainty.

• Consumer spending on credit and debt is up 6% year-over-year.
• Gasoline spending increased 27% year-over-year, with consumers adjusting behavior.
• Unemployment at 4.3% and steady job formation support consumer resilience.
• Bank of America spends $13 billion annually on technology, with $350 million on AI in 2026.
• The bank is reskilling 14,000 employees and hiring 8,000 from community colleges.
• Small and medium-sized businesses have untapped potential but need policy certainty.
• AI spending is expected to pay for itself through revenue or cost savings.
• Low-income households are disproportionately affected by high gas prices, but overall credit quality remains strong.