{"id":186996,"date":"2025-04-16T00:29:42","date_gmt":"2025-04-16T00:29:42","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/finance\/bank-of-america-cfo-has-surprising-response-to-recession-concerns\/"},"modified":"2025-04-16T00:29:42","modified_gmt":"2025-04-16T00:29:42","slug":"bank-of-america-cfo-has-surprising-response-to-recession-concerns","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=186996","title":{"rendered":"Bank of America CFO has surprising response to recession concerns"},"content":{"rendered":"


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Bank of America (BAC<\/a><\/strong>) <\/span>has finally addressed what\u2019s on the minds of many consumers across the country.<\/p>\n

When President Donald Trump announced \u201cLiberation Day\u201d tariffs on multiple countries on April 2, the U.S. stock market lost roughly $3.1 trillion in market value the following day, its largest decrease since March 2020.<\/p>\n

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Trump believes that these tariffs, which are taxes companies pay to import goods from overseas, will encourage more manufacturing in the U.S.; however, they can also inflate the prices of goods.<\/p>\n

Related: Jamie Dimon sounds alarm on recession concerns<\/a><\/strong><\/p>\n

Many consumers are already concerned about Trump\u2019s tariffs having a negative impact on their finances and the economy.<\/p>\n

According to a recent survey<\/a> from market research company Numerator, 83% of consumers said that they will adjust their shopping habits to prepare for the high prices Trump\u2019s tariffs could bring. Some of these changes include searching for sales and coupons, delaying purchases, stocking up on items, etc. <\/p>\n

Also, 72% of consumers said they are \u201cvery or somewhat concerned\u201d about a recession occurring in the coming year. <\/p>\n

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A person walks past a Bank of America location. <\/p>\n

Image source&colon; Shutterstock<\/p>\n<\/figcaption><\/figure>\n

Bank of America makes a surprising prediction\u00a0<\/h2>\n

Amid increased anxiety over the economy, Bank of America Chief Financial Officer Alistair Borthwick said during a recent call with reporters that the bank does not see a recession on the horizon, according to a new report<\/a> from Barron\u2019s.<\/p>\n

\u201cClient concerns over trade policy and recent market turmoil have grown,\u201d said Borthwick during the call. \u201cStill, our research team at this point doesn\u2019t believe we’ll see a recession, and our clients continue to show encouraging signs. Employment is obviously healthy, and consumers have proven resilient.\u201d<\/p>\n

Related: Mark Cuban has a harsh message for tariff supporters<\/a><\/strong><\/p>\n

He emphasized that even though the company\u2019s economists have noted some of the growth estimates, they \u201cdon\u2019t see a recession at this point.\u201d<\/p>\n

Bank of America CEO Brian Moynihan reiterated this belief during a recent earnings call. He specifically highlighted recent consumer data, claiming that \u201cthe consumer keeps pushing money into the economy.\u201d<\/p>\n

\u201cBut going more to what our customer data shows, it shows that the money moving across all our consumer spending methods, debit and credit cards, ACH, checks written, Zelle, etc., all that aggregate shows it grew about (a) 4.4% pace in the first quarter of 2025 compared to the first quarter of 2024,\u201d said Moynihan.\u00a0<\/p>\n

JPMorgan Chase predicts the opposite\u00a0<\/h2>\n

The comments from Bank of America\u2019s leadership come after JPMorgan Chase (JPM<\/a><\/strong>) <\/span>CEO Jamie Dimon warned in his annual letter to shareholders that the U.S. economy had already been \u201cweakening\u201d before Trump announced tariffs. <\/p>\n

\u201cThe economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and \u2018trade wars,\u2019 ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility,\u201d said Dimon. <\/p>\n

More Tariffs:<\/strong><\/p>\n