Close Menu
Finfold Times
  • Business
    • Finance
    • Fintech
    • Real Estate
    • Healthcare
  • Markets
    • Stocks
    • Cryptocurrency
    • Bonds
    • Funds
    • ETFs
  • Banking
  • Credit Cards
  • Mortgages
  • Investing
    • Invest in you
    • Personal Finance
    • Retirement
  • Loans
  • Insurance
Facebook X (Twitter) Instagram
Facebook X (Twitter) Instagram LinkedIn
Finfold Times
Subscribe
  • Business
    • Finance
    • Fintech
    • Real Estate
    • Healthcare
  • Markets
    • Stocks
    • Cryptocurrency
    • Bonds
    • Funds
    • ETFs
  • Banking
  • Credit Cards
  • Mortgages
  • Investing
    • Invest in you
    • Personal Finance
    • Retirement
  • Loans
  • Insurance
Finfold Times
Subscribe
Home » Brian Moynihan Sees Consumer Strength Pushing Away Recession
Finance News

Brian Moynihan Sees Consumer Strength Pushing Away Recession

EditorEditorFebruary 17, 20233 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email
Table of Contents hide
1 Economic research speculations
2 The Bank of America
3 What is a recession?

According to reports, the U.S. economy continues to expand because consumers keep spending. CEO Brian Moynihan told Barron’s in an interview that Bank of America Corp. is now seeing that the potential recession in the US may occur later than the country had expected just a few months earlier. This is because the U.S. consumer now continues to grow positive economic activity.

Brian Moynihan said the Bank of America Corporation research group sees a small recession starting as early as the 2nd, 3rd, or 4th quarter of 2023 and a return to positive economic advancement in the 2nd quarter of 2024.

Economic research speculations

During the 3rd quarter of the year 2022, economic conditions at the bank were predicted that a recession might begin in the 4th quarter of 2022 and end in the middle of 2023.

Brian Moynihan said that the recession at that time was more bearish on the economy. But, now the expected recession is pushed back significantly because of the U.S. consumer that has kept spending and kept the economic activity running up. He further said that the consumer drives much of the consumption, so businesses are present to meet that growing demand.

During the 4th quarter, Bank of America Corporation continued hiring also. At the same time, Wells Fargo & Co. and Goldman Sachs Group Inc. cut jobs. Bank of America Corporation’s stock gained 7 percent so far in the year 2023, compared with a 7.4 percent increase by the S&P 500.

The Bank of America

The Bank of America Corporation, or BAC, is a multinational investment bank in America. It has its headquarters at the Bank of America Corporate Center in Charlotte, North Carolina. The Bank of America Corporation, or BAC, was started in San Francisco.

The Bank of America Corporation is the 2nd-largest banking institution in the USA, just after JPMorgan Chase, and the 2nd largest bank globally by market capitalization. Bank of America Corporation is one of the Big 4 banking institutions in the USA. It serves about 10.73 percent of all American bank deposits. It is directly competing with Citigroup, JPMorgan Chase, and Wells Fargo. The bank’s primary financial services are wealth management, commercial banking, and investment banking.

What is a recession?

According to economics, a recession happens when there is a common decline in economic activity. Recessions usually occur when there is a huge drop in spending, which is an adverse demand shock. This may happen in several events, like an external trade shock, a financial crisis, the bursting of an economic bubble, an adverse supply shock, or a greater-scale natural disaster, for example, the pandemic.

In the USA, a recession is defined as a decline in economic activity spread across the market. It can last more than a few months. It can be easily seen in wholesale-retail sales, real income, GDP, industrial production, and employment. The European Union adopted an almost similar definition. In the United Kingdom, a recession is usually defined as negative economic growth for two consecutive quarters.

Recession USA
Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
Previous ArticleGoldman Sachs Drops Plans for Branded Credit Card
Next Article The Truth Behind Mortgage Lenders New Marketing Ploys
Editor
  • Website

Related Posts

Finance News

Why the Fed May Need to Cut Interest Rates Sooner

News Personal Finance

Grocery Costs Have Risen Since the Pandemic Began, and Consumers Feel the Strain

News Real Estate

Inflation and Limited Housing Supply Leave Homebuyers Distressed

Mortgages News

Mortgage Rates Hit the Lowest Level Since March, But Consumers Remain Unimpressed

DON’T FALL BEHIND

Stay current with our daily newsletter to get the latest industry news.


    FinanceFintechReal EstateHealthcareStocksCryptocurrencyETFsFundsBondsInvest in youRetirementPersonal FinanceMortgagesLoansCredit CardsBankingInsurance

    Disclaimer || Advertising Disclosure

    We are not financial advisers. The content on this site is for informational and educational purposes only and should not be construed as professional financial advice. Please consult a licensed financial or tax advisor before making any decisions based on the information you see here.

    We may be compensated through 3rd party advertisers, but our reviews, comparisons, and articles are based on objective measures and analysis.

    Markets
    • Stocks
    • Bonds
    • Cryptocurrency
    • ETFs
    • Funds
    Company
    • About
    • Disclaimer
    • Privacy Policy
    • Terms of Service
    • Cookie Policy
    • Advertising Disclosure
    • Contact Us
    Copyright © 2025 Finfold Times
    • Home
    • Business
    • Investing
    • Markets

    Type above and press Enter to search. Press Esc to cancel.