Spending on Bank of America cards has jumped by as much as 20% from last year, CEO Brian Moynihan tells jimcramer. “When you look at the core spending levels of consumers, they continue to be very strong.”
Moynihan told CNBC's Jim Cramer on Wednesday that spending on Bank of America cards has jumped up to 20% from last year.
While there was concern that consumer bank account balances would plunge after government stimulus programs ended, that hasn't been the case yet, Moynihan said. Instead, balances have risen for the "last six or seven months," according to the CEO.Bank Of America CEO Brian Moynihan is interviewed by Jack Otter during "Barron's Roundtable" at Fox Business Network Studios on January 09, 2020 in New York City.U.S.
While there was concern that consumer bank account balances would plunge after government stimulus programs ended, that hasn't been the case yet, Moynihan said. Instead, balances have risen for the "last six or seven months," according to the CEO.
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