Bank of America chairman and CEO Brian Moynihan delivered an optimistic assessment of the U.S. economy during the Bank of America Financial Services Conference, highlighting that GDP estimates for 2026 have been revised upward to 2.8% and continue to build momentum month over month.
He noted that global CEOs are increasingly viewing America as “a place to invest” now that trade tariff concerns are working their way through and tax policies including bonus depreciation are being locked in.
The CEO pointed to strong labor market fundamentals as evidence that consumer spending remains resilient despite ongoing affordability concerns.
According to Moynihan, Bank of America customers spent 5% more in January compared to the previous year, with growth spanning all income cohorts, and he noted that no major economist projects unemployment exceeding 4.6% for any quarter in 2026.
“People are employed, [and] wage growth” remains constructive, he said, adding that consumers are demonstrating their confidence through actions rather than sentiment surveys—evidenced by “cruises being up double-digit month after month after month.”
Moynihan explained that artificial intelligence represents both a transformative shift and a continuation of the bank’s long-running digitization efforts. The bank’s AI assistant, Erica, which he described as having originated as a “small language model” before the term existed, now serves 20 million users and handles the equivalent workload of 11,000 full-time employees.
He emphasized that the bank invested approximately $3B in data cleansing over the past decade to ensure AI accuracy.
The executive detailed how Bank of America has maintained a flat headcount at roughly 213,000 employees—consistent with 2015 levels—while significantly expanding the business and increasing technology investment by 10% annually. He noted that the company recently engineered out 2,000 positions in just four months, demonstrating the ongoing discipline around operational efficiency.
“We’re engineering out that stuff while investing heavily,” Moynihan said, adding that expense growth has remained below the rate of inflation for six consecutive years.
Looking ahead, the CEO expressed confidence in the regulatory environment, noting that “deregulation finally coming” under the current administration will benefit the banking system through more balanced supervisory procedures focused on materiality.
Moynihan also highlighted the bank’s strategic expansion into previously underserved markets, including building out branches across Ohio, where Bank of America had no presence until recently despite its 240-year history.
According to the executive, the bank remains committed to achieving 200 to 300 basis points of operating leverage through disciplined execution and continued technology investment.