Bank of America shrugged off recession concerns and raised its annual outlook for revenue as resilient consumers gave the bank enough confidence to continue pushing for growth.
“An analyst might wonder whether the talk of inflation, recession, and other factors could rectify slower spending growth,” chief executive Brian Moynihan said. “We just don’t see it here at Bank of America.”
Spending across the second-largest US bank’s debit and credit cards jumped 9 per cent, or $18bn, compared with the same period a year ago. Consumers are also borrowing more even though deposit levels remain well above pre-coronavirus pandemic levels, Moynihan told an earnings call on Monday.
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