FILE PHOTO: The CEO of the Bank of America, Brian Moynihan, attends the annual meeting of the World Economic Forum (FEM) in Davos, Switzerland, on January 22, 2019. REUTERS / Arnd Wiegmann
(Reuters) – Brian Moynihan, executive director of Bank of America Corp (BAC.N), said the bank could double its participation in the consumer market in the United States despite fears about the power of the country’s largest banking institutions.
“Our market share in the consumer is probably 12, 13, 14 percent, depending on who counts … The reality is that it could double that,” Moynihan said at www.ft.com/2NEtMda in an interview with the Financial Times, noting that some automotive, soft drinks and beer companies had a massive share of consumers than Bank of America.
Moynihan did not provide a time frame in his interview to double the bank’s consumer market share.
“If we do a good job for customers and we are fair in our prices, I think that’s good because … the scale we have allows us to do more for customers,” he said, when asked if a greater concentration on the Banking was good for customers or if it could generate more scrutiny by regulators.
With deposits growing above the industry rate, a portfolio of low-risk loans and a solid balance sheet with billions in excess of liquidity, the pieces were in place for the bank to continue taking market share, he said to the FT.
The CEO of the Charlotte-based lender, North Carolina, added that he would not seek retail growth abroad, as the bank would take years to reach a market share capable of granting significant deposits or income.
Bank of America is the second largest bank in the United States, and consumer banking is its largest business.
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