CEO Brian Moynihan told the Bank of America Financial Services Conference that the current quarter progresses as expected. Moynihan expects interest rates to continue declining. Consumer spending increased 5% in January. Deposit growth remains good.
The bank targets a 16-18% return on tangible common equity (ROTCE) within three years. Bank of America invests $2 billion annually in technology. This spending prioritizes artificial intelligence and digital capabilities. Headcount remains flat since 2015.