Tags: bank of america | brian moynihan | bank | finance

BofA's Moynihan: Tax Reform Is Good for American Society

Tuesday, 05 December 2017 12:28 PM

Tax reform will provide a boost for consumers, the broad economy and Wall Street, Bank of America CEO Brian Moynihan said in an interview with business news channel CNBC.

"By and large, we pay a lot of taxes and we'll get a benefit," Moynihan said. "Really, the benefit will be in American society and the broad economy."

BofA has been the best performing big bank on Wall Street this year, with shares surging nearly 32 percent. Rising margins have helped make up for a decline in trading as stock and bond markets remain calm amid central bank support worldwide.

The firm on Tuesday announced it was buying back an additional $5 billion of shares through mid-2018. Moynihan said the buybacks were the result of the company having strong levels of excess cash — an 11.9 percent capital ratio compared with the required 9.5 percent, translating into up to $25 billion.

That happens against a conducive backdrop in which the company has seen "fairly consistent" loan growth and a growth in both the U.S. and global economy that is helping offset some of the other weaker parts of the business.

In addition to proving that "a pro-business environment exists" in Washington, tax reform will help boost and economy already showing signs of breaking out, Moynihan said.

Holiday shopping showed a sharp gain this year measured by receipts for BofA credit and debt card purchases, he said.

"That means things are going on in the economy, which is good," Moynihan said. "The consumer's in good shape."

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Tax reform will provide a boost for consumers, the broad economy and Wall Street, Bank of America CEO Brian Moynihan said in an interview with business news channel CNBC."By and large, we pay a lot of taxes and we'll get a benefit," Moynihan said. "Really, the benefit will...
bank of america, brian moynihan, bank, finance
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2017-28-05
Tuesday, 05 December 2017 12:28 PM
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