The exchange for the debt economy
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Bank of America Corp. CEO Brian Moynihan said at the Forbes Iconoclast Summit on Wednesday the bank is seeing consumers, including boomers and senior citizens, still showing strong spending, despite a bumpy climate that includes rising inflation and gas prices.
Key Facts
Moynihan, who has led the bank for nearly 15 years, said data from the bank’s research institute showed consumer spending last month up 5% from May 2025.
“If you look at the nuance in that data, the boomers and seniors are spending at a faster click,” he said. “What happens next? We’ll see but right now they’ve been doing good spending.”
He also said Bank of America, which serves more small businesses in the U.S. than any other financial institution, was seeing strong credit flows from small- and medium-sized businesses.
Earlier this year, Bank of America raised its U.S. GDP growth forecast for 2026 from 2.6% to 2.8%, higher than market expectation, with Moynihan attributing the upgrade to strong spending and robust credit flows.
Moynihan is one of the longest-tenured CEOs of a big U.S. bank, having taken the helm in 2010 to help build the bank through the aftermath of the 2008 financial crisis.
Crucial Quote
“With external factors like the war, gas prices are slowing down spending but then you have AI spending which is driving development and big business too,” Moynihan said at the Forbes Iconoclast Summit.
Key Background
The University of Michigan’s Index of Consumer Sentiment came in at its lowest level ever in May. Consumers have expressed worry about rising inflation, gas prices, tariff pressure and stagnating wages. Bank of America has continued to project rising GDP growth and consumer spending for 2026 since last year. Under Moynihan’s leadership, Bank of America has grown to a market capitalization of more than $360 billion and manages more than $2.4 trillion in assets—claiming the position of the second-largest bank in America behind JPMorgan Chase. In 2025, Bank of America had a record-breaking year, with $30.5 billion in net income, and from Q1 this year, has already seen revenue growth of 7% year-over-year. The fifth annual Forbes Iconoclast summit brings together the world’s most influential investors and financiers with over $20 trillion in total assets under management. This year’s speakers include Moynihan, Bridgewater founder Ray Dalio, Carlyle CEO Harvey Schwartz and new billionaire David Beckham.
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The exchange for the debt economy