Bank of America Chairman and CEO Brian Moynihan talks about anticipating policy and regulatory changes, the economic future in 2025, the bank’s growth, the trajectory of rates, and investing in artificial intelligence.
From mergers and acquisitions to deregulation and a “competitive” tax structure, Bank of America’s top executive shared an upbeat picture of the US economy under the second Trump administration.
Brian Moynihan, chairman and CEO of Bank of America, said of America: “When you talk to people here, from all over the world, in business, it’s the No. 1 place to invest. Not by a little, by a lot.” The economic landscape during “Morning with Maria” Interview from the World Economic Forum in Davos, Switzerland.
“If you go back to the first Trump administration and the tax changes, that brought America’s tax rate down to where it was competitive. America has always had… (a) big market, largest economy in the world, growing, etc.” continued. “America has good working conditions in terms of talent, people, worker flexibility and all those things.
“If you put it all together, it was a great place to invest. You walk in and say now, I’m going to reorganize again, and now I’m going to create better conditions for investment.”
Goldman Sachs CEO: Trump’s deregulation is ‘constructive for growth’
Bank of America kicked off the fourth-quarter earnings season on a high note, posting a double-digit win of $6.67 billion, as investment banking fees saw a 44% increase to $1.7 billion.
Bank of America Chairman and CEO Brian Moynihan is optimistic about the economic environment under the second Trump administration. (Fox Business)
A large part of the banking industry expects more M&A deals to come to market President Donald Trumpwhile also planning to withdraw regulations that hindered transaction activity during the Biden administration.
Previous Biden appointees from the Federal Trade Commission, Federal Communications Commission and the Justice Department’s Antitrust Division It halted almost all merger and acquisition activities Since his term began in 2021. Those who chose to challenge regulatory restrictions have faced long legal battles with the Biden deal police.
NYSE President Lynn Martin joins “Morning with Maria” to discuss market trends and outlook for 2025 as the Trump administration takes office.
“We were sitting here last year, on the issue of business inflation and interest rates, but another big issue was the amount of regulation in small and medium-sized businesses, in the banking system, and mortgage companies. The feeling is that it will now return to more normality,” Moynihan noted. .
“It has fluctuated a lot in the last administration,” he added. “We’ve tried to explain to them that it’s going to cause them problems…but I think it’s important that the overall economy feels some relief about regulation across the board, the ability to get deals done, and American companies can now go there.” Locally and around the world and be the kings they are supposed to be.”
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President Donald Trump made a major infrastructure announcement on his second day in office.
Moynihan explained that the top research team at Bank of America expects US GDP to grow by 2.4% in 2025, and that mergers and acquisitions will be “complete” and 20% Increase in public offerings.
“So, this means the capital can be put to work. So it all bodes well,” the Chairman and CEO said. “Our team’s enthusiasm for what’s next is a lot greater than it was in the fourth quarter because that was kind of what it was under the old system.”
FOX Business’s Eleanor Terrett contributed to this report.
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