CNBC Excerpts: Bank of America CEO Brian Moynihan Speaks with CNBC's “Squawk Box Today [CNBC]
Bank of America Corporation (BAC)
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Source: CNBC
Following are excerpts from the unofficial transcript of a CNBC interview with Bank of America CEO Brian Moynihan on CNBC's “Squawk Box” (M-F, 6AM-9AM ET) today, Wednesday, March 19. Following is a link to video on CNBC.com: All references must be sourced to CNBC. MOYNIHAN ON SPENDING LEVEL BEING UP Our Bank of America consumers are putting 6 percent more money, you know, into the economy than they did for the first two and a half months of the last year. And so, that's a pickup from the fourth quarter last year, which ran 4, 4.5 percent. So, that money is going in different places. And you've heard – you've referenced some clients that might be seeing different things, but a lot on services, a lot on entertainment. But the spending levels continue to go up. MOYNIHAN ON NOT SEEING A RECESSION This quarter, a trillion and a half dollars will go out of our consumers' accounts in the economy, it's going – 6 percent more will go out this quarter than last year, round numbers. S
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