BofA Aims to ‘Double’ Slice of U.S. Retail Business: FT

(Bloomberg) -- Bank of America thinks it can double its consumer market share in the U.S. despite fears about consolidation in the industry, the Financial Times reported, citing an interview with CEO Brian Moynihan.

• “Our market share in consumer is probably 12, 13, 14 percent, depending on who counts . . . The reality is, you could double that,” Moynihan said
• Doubling of retail business could be achieved without a commensurate increase in branch network; bank won’t look overseas for retail growth
• “If we do a good job for the customers and clients and we’re fair in our pricing, I think that’s good because . . . the scale that we have enables us to do more for the customers,” Moynihan said

To view the source of this information click here

To contact the reporter on this story: Nathan Crooks in Miami at ncrooks@bloomberg.net

To contact the editor responsible for this story: Sebastian Tong at stong41@bloomberg.net

©2020 Bloomberg L.P.