Sept. 19 (Bloomberg) -- Bank of America Corp. Chief Executive Officer Brian T. Moynihan said consumers are spending 5 percent to 6 percent more in September than a year earlier amid slow, constructive growth in the economy.
While there’s a lot of work to be done to reach a 3 percent economic growth rate, Moynihan doesn’t see a lot of downside risk, he said today during an interview on CNBC. Moynihan, 53, made the remarks during a joint appearance with billionaire Warren Buffett, chairman of Berkshire Hathaway Inc., who said the economy is creeping along.
Bank of America is the second-largest U.S. bank by assets. Under Buffett, 83, Berkshire invested $5 billion in Moynihan’s company in 2011 after the lender’s stock fell more than 45 percent amid mounting losses from home mortgages.
Berkshire owns an array of financial, industrial and consumer companies with brands ranging from Geico insurance to Dairy Queen ice cream. The Omaha, Nebraska-based company also owns stakes in Wells Fargo & Co., U.S. Bancorp and M&T Bank Corp.
--Editors: Rick Green, Dan Kraut