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Brian Moynihan is chairman and chief executive of Bank of America, which he has led since 2010. He is one of the most prominent voices in US banking.
Bank of America CEO Brian Moynihan says a 226-year average of about 5% puts the 10-year Treasury yield of 5.36% in perspective. He pairs it with strong consumer spending, and his economists forecast three more Fed rate increases.
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Regulators penalized Bank of America more than $1.21 billion for AML and sanctions failures, and no executive faced criminal charges. Crypto voices led by Binance's Changpeng Zhao say banks and crypto firms are treated differently.
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Bank of America CEO Brian Moynihan said 1,000 contractors hired in the second quarter to patch AI-exposed software flaws remain, on top of 3,000 staff. The headcount can anchor a budget; the dollar figure released with it cannot.
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Bank of America's third-quarter net income fell 17% to $6.93 billion after a $1.2 billion anti-money-laundering penalty. Excluding the fine, earnings per share rose 4% to $1.08, while net interest income grew by about $1.2 billion.
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Bank of America paid a $1.21 billion penalty to three Treasury bureaus in the third quarter, CEO Brian Moynihan said. Regulator-required remediation continues, and Jefferies' David Chiaverini calls the consent order's duration the key debate.
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Bank of America will double its AI budget next year, CEO Brian Moynihan said; about 140 uses now cost $400 million and yield $800 million in benefit. Its technology chief, Hari Gopalkrishnan, says every AI project goes through a review covering 16 categories of risk.
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The benchmark note restarted its climb overnight and reached its highest level since 2007 with the rate decision a day away, while Bank of America guided third-quarter investment banking fees down by more than 10%.
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Pablo Hernandez de Cos told Jackson Hole that tokenized deposits look more promising than stablecoins. The number underneath that judgement is a $307bn float turning over roughly 202 times a year, mostly not for goods.
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