The CEO of Bank of America Corp, Brian Moynihan has said that the bank may double the market share of consumers in the U.S. in spite of the fears about the power of the biggest institution of banking in the country.
Moynihan has said that their market share in the consumers is close to 12,13 or 14 % which depends on who is counting the market share but in reality, it is going to be double of that. He further pointed out to a few auto and beverage companies which have a lot bigger share of the market than the Bank of America.
Moynihan has not provided any time frame during this statement for the doubling of the share of the consumer market of the bank. He feels that if they are able to do a decent job for customers as well as clients and they maintain a fair level of pricing, it is good as the scale which they have presently will be enabling them to do more for their customers, he feels about the greater concentration in banking being better for the customers or being more likely to get more scrutiny from the regulators.
As the deposits grow more than the rate of industry, a low portfolio of risk loan and a better balance sheet showing billions in the excess liquidity, they were all ready for the bank to continue to take the share of the market.
The CEO further added that the bank isn’t looking to foreign lands for the retail growth as it is going to take the bank to reach a market share capable of them giving it revenue or material deposits. The Bank of America is the second biggest bank of the United States.