The new CEO of Bank of America kicked off his first week on the job by striking a mostly optimistic tone about the economy during a speech this afternoon in Raleigh.
Companies will begin to re-hire in 2010, housing markets will continue to stabilize, household budgets remain under stress but are moving in the right direction, and consumer spending is improving, Brian Moynihan told an audience of about 1,000 business executives and others. He spoke at the eighth annual economic forecast forum sponsored by the N.C. Chamber and N.C. Bankers Association.
"The economic hole we're climbing out of is very deep," said Moynihan, 50, who became Bank of America's CEO on Jan. 1. "Getting out will not be easy -- and it will take time."
For its part, the Charlotte-based bank and nation's largest lender will increase lending to businesses, and modify more mortgages to aid homeowners. He also said that reform is inevitable, given the amount of damage the financial industry caused to the nation's economy.
Moynihan took the helm of Bank of America from former CEO Ken Lewis, who retired after criticism surrounding his management of the country's largest lender. The company has about 200 branches in North Carolina and about 18,000 employees in the state.
"The economy is improving, we have learned some tough lessons and we are ready to move forward," Moynihan said.
Earlier today, he wrote in the Charlotte Observer that to succeed in 2010, banks will need to balance growth with stability, the need to extend credit with responsible lending and new regulations with free markets.
The newspaper op-ed piece and speech in Raleigh kicks off a flurry of interviews and media coverage to mark Moynihan's first week on the job.
Read the full Charlotte Observer op-ed here. Read Moynihan's prepared remarks in Raleigh here.
Assistant Business Editor Alan M. Wolf joined the N&O in 1999 covering the business of health care. He became an editor in 2001, and helps oversee the paper's daily business coverage and Sunday Work&Money section. He lives in Clayton with his wife and two children. Reach him at 919-829-4572 or 
Comments
Life Must be Good for Moynihan & Co.
Mon, 01/04/2010 - 18:31 — JoeBloggsOh, sure HIS economy is good while the bank doubles interest rates and refuses to fully participate in the mortgage restructuring program, positioning themselves away from the new regulations to ensure their profits off the backs of the American people never end. All the while actively soliciting new checking accounts from illegal aliens. (I have seen BofA representatives in Bojangle's signing up new accounts with an interpreter translating everything)
They need to change their name to Bank of Greed, for they do nothing positive as a corporation for the American people. In fact, with the exception of AIG, I can think of no more morally corrupt institution in this country today than Bank of America.
Frankly, given the shambles BofA is in, why anyone would waste time listening to this man is beyond me. He stated this morning: "My goal as CEO is for Bank of America to become - and be seen as - the world's finest financial services company, the first choice for everyone from individual consumers to the largest global companies," I don't want to hear about Moynihans' quest for world domination. I want to hear what BofA is actually going to do for the people that saved its corporate @ss.