Bank Of America CEO Brian Moynihan Says Consumer Spending Continues To Slow Due To Higher Rates
Portfolio Pulse from Adam Eckert
Bank of America Corp (BAC) reported a 10% YoY increase in net income to $7.8 billion and a 2.9% YoY increase in revenue to $25.32 billion for Q3. However, CEO Brian Moynihan warned of a slowdown in consumer spending, which has decelerated in a 'healthy but slowing economy'. The growth rate of consumer spending, which was close to 10% from 2021 to 2022, has now slipped to 4-4.5%.
October 17, 2023 | 5:55 pm
News sentiment analysis
Sort by:
Descending
NEUTRAL IMPACT
Bank of America's Q3 earnings beat expectations, but the warning of a slowdown in consumer spending could impact investor sentiment.
While the Q3 earnings report is positive, the warning about a slowdown in consumer spending could be a concern for investors. This could potentially impact the bank's future earnings and thus, its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100