{"id":17327,"date":"2023-06-02T14:20:25","date_gmt":"2023-06-02T18:20:25","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/bank-of-america-says-healthy-consumers-will-buoy-retail-unit-in-2nd-qtr\/"},"modified":"2023-06-02T14:20:26","modified_gmt":"2023-06-02T18:20:26","slug":"bank-of-america-says-healthy-consumers-will-buoy-retail-unit-in-2nd-qtr","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=17327","title":{"rendered":"Bank of America says healthy consumers will buoy retail unit in 2nd qtr"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS\/Carlo Allegri\/File Photo<\/span>
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By Lananh Nguyen, Saeed Azhar and Nupur Anand<\/p>\n

NEW YORK (Reuters) -Bank of America Corp expects good performance for its retail business in the second quarter, buoyed by resilient consumer demand, a senior executive said on Wednesday.<\/p>\n

“The consumer is still very healthy,” Holly O’Neill, Bank of America (NYSE:)’s president of retail banking, said at a Reuters Newsmaker event. “Savings and account balances are still well above where they were pre-pandemic, so … if there is in fact a mild recession in the second half of the year, they’re well positioned, with some cushion.”<\/p>\n

U.S. consumer spending increased more than expected in April, boosting the economy’s growth prospects for the second quarter. While more households planned to purchase motor vehicles and other big-ticket items over the next six months, consumer confidence slipped to a six-month low in May as Americans’ assessment of the labor market softened.<\/p>\n

Bank of America, the second-largest lender in the U.S., is focused on growing through its existing businesses and client relationships instead of making acquisitions, O’Neill said. Rival JPMorgan Chase & Co (NYSE:) , the nation’s largest lender, bought First Republic Bank <\/span><\/span> (OTC:) after it was seized by authorities earlier this month.<\/p>\n

“We will certainly look at opportunities, but our focus again, is on organic growth,” O’Neill said. “I don’t think we feel undue competitive pressure.”<\/p>\n

Consumer spending on Bank of America cards fell 1.2 percent in April compared with a year earlier, the first year-on-year decline since February 2021, its data showed. Yet the appetite for credit cards, auto loans and mortgages is still holding up, she said.<\/p>\n

Meanwhile, even though delinquencies are near historically low levels, more customers are starting to fall behind on their payments, a trend that O’Neill expects to continue. <\/p>\n

“We are seeing those numbers come back to closer to pre-pandemic, but that’s what you would expect in this type of environment,” she said. <\/p>\n

In a wide-ranging interview, O’Neill discussed the bank’s use of artificial intelligence to power its virtual assistant, Erica. <\/p>\n

“There are a whole host of uses,” O’Neill said, such as using Erica and generative AI to help bank employees look up information, policies and procedures.<\/p>\n

The executive, a 27-year veteran of the company, also spoke about leadership in an industry that has historically lacked diversity.<\/p>\n

“For women, in particular, I really try to focus on confidence and risk-taking,” she said. The biggest shot O’Neill took in her career was moving to the consumer bank after serving as chief operating officer of the private-banking division.<\/p>\n

“I learned a tremendous amount, but that was probably the biggest risk — I went from managing 100 people to 12,000 people overnight and I was given the opportunity and I closed my eyes a little bit and jumped, and it was really the best move I made.”<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS\/Carlo Allegri\/File Photo By Lananh Nguyen, Saeed Azhar and Nupur Anand NEW YORK (Reuters) -Bank of America Corp expects good performance for its retail business in the second quarter, buoyed […]<\/p>\n","protected":false},"author":1,"featured_media":5286,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-17327","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nBank of America says healthy consumers will buoy retail unit in 2nd qtr | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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