Bank of America is confident in its growth prospects even as competition intensifies from fintechs including Walmart’s startup.
“I respect every competitor, I don’t fear any competitor,” Bank of America Chief Executive Brian Moynihan said in an interview Monday on Bloomberg Television. “We study all competitor moves, whether it’s the fintech disruptors or major players.”
Walmart lured a pair of senior bankers last month from Goldman Sachs Group to run its fledgling financial-technology operation. The move
Bank of America has an advantage because of its scale, Moynihan said, citing the company’s 40 million digital customers.
“What makes us unique is we serve all segments of clients,” from mass-market consumers to wealthy individuals and large businesses, he said.
Earlier this month, rival bank CEO Jamie Dimon of JPMorgan Chase said the company is prepared for intensifying competition.
