Customers logged into Bank of America's mobile app 1.4 billion times last quarter. At the same time, Bank of America's active mobile banking users jumped by 11% to 25.3 million over the past year. "The common theory is that this is all young kids," Bank of America CEO Brian Moynihan told analysts on Monday. Bank of America plans to open more than 500 new branches across the United States over the next four years. A Bank of America spokeswoman said, however, that the plan to build new branches and renovate others may not increase the company's overall branch count.
GDP could rise to 4 percent in Q2 thanks to business-friendly policies, Bank of America CEO says
Bank of America Merrill Lynch researchers predict U.S. gross domestic product could surge above 4 percent in the second quarter, Bank of America Chairman and CEO Brian Moynihan told CNBC on Monday. "We feel good about the U.S. economy," Moynihan told "Mad Money" host Jim Cramer in an interview, saying that business-friendly policies of tax reform and deregulation led his company's researchers to make their prediction. "There's always an unknown, but right now, the people are employed, they're making more money, tax reform has benefited them, tax reform has benefited companies, and you're seeing that flow through the economy," Moynihan said. In 2017, consumer spending was up 6 percent; the year before that, it was up only 3 percent, Moynihan said. That's the acceleration of consumer spending," the CEO said.