During a recent visit to Florida, Bank of America's president of retail operations said consumer strength is holding out, despite a sharp rise in interest rates since May and persistently high inflation.
“Economists are calling for a mild recession next year, but we’re still really not seeing that in consumer accounts,”, who is also a member of Bank of America’s executive management, told the Tampa Bay Business Journal while visiting the region last week. Delinquencies and charge-offs at Bank of America still sit below pre-pandemic levels, according to O’Neill. Checking and savings account balances remain above pre-pandemic levels, spending volume continues to grow, although at a lower rate than last year, and people are paying off their credit cards faster and at a higher rate, she said. Cautious consumers aren’t borrowing to capacity, either, O’Neill said. Instead, they’re tapping into existing liquidity to make purchases.
People continue to pour into Florida which is a high-growth market for Bank of America. The migration of clients to the state presents a catalyst for client engagement and the opportunity to pick up additional market share to add to the bank’s already significant presence here, O’Neill said.
Nederland Laatste Nieuws, Nederland Headlines
Similar News:Je kunt ook nieuwsberichten lezen die vergelijkbaar zijn met deze die we uit andere nieuwsbronnen hebben verzameld.
Bron: JaxBizJournal - 🏆 599. / 51 Lees verder »
Bron: JaxBizJournal - 🏆 599. / 51 Lees verder »
Bron: JaxBizJournal - 🏆 599. / 51 Lees verder »
Bron: JaxBizJournal - 🏆 599. / 51 Lees verder »
Bron: JaxBizJournal - 🏆 599. / 51 Lees verder »
Bron: CNBC - 🏆 12. / 72 Lees verder »