BofA (BAC) CEO Moynihan Sees Large U.S. Banks as Better Positioned vs. Int'l Rivals

Bank of America (NYSE: BAC) CEO Brian Moynihan sees the U.S. banking system as being stronger than rivals, according to commentary issued Monday night.

Moynihan said that early restructuring efforts during the 2008 financial crisis as being a benefit to the domestic institutions, Bloomberg noted.

We went through so much restructuring early, the executive said. He sees big U.S. banks as being well capitalized, very liquid, dying for the business [...] And I think other parts of the world are shaking their banking system through the works right now. We are the beneficiary of that.

Moynihan is also a fan of the "universal" bank model, which offers numerous client services to cover all needs, versus breaking up larger institutions.

Shares of BofA are lower in early trading.

You May Also Be Interested In

• Wolfe Research Upgrades Bank of America (BAC) to Outperform, 'Underearning Firms Shouldn’t Trade at a Discount'
• Snap One (SNPO) soars 30% as Resideo acquires smart home product maker for $821m
• Progress Software Corporation (PRGS) Issues Statement on a Possible Offer for MariaDB