Bank of America aims to ‘double’ consumer market share in US, says CEO
Chief Executive officer Brian Moynihan of Bank of America Corp said that the bank could raise its consumer market twice larger in the US despite fear of major banking institutions.
“Our market share in consumer is probably 12, 13, 14 percent, depending on who counts. … The reality is, you could double that,” Moynihan said in an interview with Financial Times. He pointed out that soft drink, beer, and auto companies have a larger share of the consumer market than Bank of America.
Moynihan did not delve into the timeframe of the bank’s aim to double its market share.
“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.
With above industry deposits, low risk loan portfolio, and strong balance sheet with an excess liquidity up to billions, the bank could proceed taking market share.
CEO Moynihan said that the bank would not view overseas for retail growth, as attaining a market share large enough to give it revenue or material deposits would take years.
Bank of America is the second biggest bank in the US, with its biggest business focused on consumer banking.