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BofA’s Moynihan Seeks Doubling of Consumer Market Share

Phil Hall
Jan 21, 2020
Photo credit: Getty Images/majaiva

The chief executive of the nation’s second largest bank predicted his institution could double its consumer market share.
 
In an interview with the Financial Times, Bank of America CEO Brian Moynihan did not provide a timeline or a specific strategy on how he planned to achieve that goal, except to say that it could be done.
 
“Our market share in consumer is probably 12, 13, 14 percent, depending on who counts,” he stated. “The reality is, you could double that.”
 
Moynihan added the growth could occur in the U.S. and not involve overseas retail growth for the Charlotte, N.C.-headquartered bank.
 
“If we do a good job for the customers and clients and we’re fair in our pricing, I think that’s good,” he said, adding “the scale that we have enables us to do more for the customers.”

 
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