Bank of America CEO Wants to Double Its Main Street Market Share

(Bloomberg) -- Bank of America Corp. is already a huge presence on Main Street. It wants to get even bigger.

There’s plenty of room for the lender to expand its consumer market share in the U.S., Chief Executive Officer Brian Moynihan said in a Bloomberg Television interview Tuesday. Even though the Charlotte, North Carolina-based company can’t buy other banks, it’s increased its U.S. retail market share to about 15% in recent years. But the firm has also identified gaps in key areas where it can add customers, Moynihan said.

“You can think of this as a challenge for my team in consumer: Get with it, let’s grow, double it,” Moynihan said in the interview, which follows a Financial Times report about the company’s growth prospects. “The reality is, it’s a response to how much opportunity there is in the United States left for Bank of America.”

To contact the reporter on this story: Lananh Nguyen in New York at lnguyen35@bloomberg.net

To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Daniel Taub, Steven Crabill

©2020 Bloomberg L.P.