Bank of America's second quarter results beat Wall Street estimates on both the top and bottom lines. In an interview with Yahoo Finance Live, Bank of America Chairman and CEO Brian Moynihan credits "the power of our franchise" for the bank's (BAC) strong results.
When it comes to the consumer, Moynihan says he is not surprised by how strong the U.S. consumer has been, saying "our customers still have multiples in their accounts" than they did pre-pandemic.
One of the big areas of concern for banks has been commercial real estate. Moynihan says "there is stress going on in the system, but we underwrote assuming someday there was going to be stress."
Moynihan also cautioned on efforts to raise capital requirements highlighting the importance of maintaining international competitiveness and "making sure that we keep the balance right of how we treat the U.S. economy."
