BofA CEO eyes gains while European rivals struggle

Bank of America

U.S. banks contending with tough rules and markets are still stronger than many overseas rivals and will soak up business, Bank of America CEO Brian Moynihan said.

“We went through so much restructuring early” in the wake of the 2008 financial crisis, Moynihan told an audience late Monday at an event in Washington. Now, big U.S. banks are “well capitalized, very liquid, dying for the business,” he said. “And I think other parts of the world are shaking their banking system through the works right now. We are the beneficiary of that.”

The remarks by Moynihan, who has spent much of his six years atop the firm resolving legal claims and overhauling its controls and balance sheet, contrast with alarms being raised by peers in Europe. Societe Generale CEO Frederic Oudea said last year the region needs to preserve at least five or six global banks. In a speech last month, the head of Barclays, James “Jes” Staley, warned European firms are at risk of ceding control of local capital markets to American firms.

“To my mind, that’s a problem,” Staley said.

To access the complete Bloomberg News article hit the link below:

BofA CEO Eyes Market-Share Gains While Europe Peers Sound Alarm

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