BofA's Moynihan: 'Fiscal Cliff' a Drag on Banking

By CNBC | CNBC – Tue, Nov 13, 2012 10:37 PM SGT

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Bank of America CEO Brian Moynihan said on Tuesday that the rising potential for a surge in both higher taxes and reduced government spending was a restraint on banking activity.

Moynihan, speaking at the BofA-Merrill Lynch (BAC) banking conference in New York, echoed the fears voiced by numerous other business and financial leaders in recent days about the U.S. "fiscal cliff."

Recently, J.P. Morgan Chase (JPM) CEO Jamie Dimon said that a fix of the problem could lead to an economic boom. (Read more: Here's How the Economy 'Can Go Boom': JPMorgan's Dimon.)

BofA's CEO said that while a slow and steady recovery in the housing market was underway, concerns about the fiscal cliff were holding back client participation in markets. He added that his bank has shed business where capital investment does not benefit its clients.



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