He also mentioned that May marked the beginning of BofA's spending recovery, and that volume has grown every month since, with November seeing about a 4% annual increase.
Despite the better-than-expected outcomes, Moynihan noted that another round of stimulus payments is needed to support unemployed consumers and small businesses—a sentiment The issuer anticipated major pandemic losses, but factors like shifting consumer spending habits and stimulus payments helped it avoid substantial losses. In preparation for adverse financial consequences to come as a result of the crisis, the issuer doubled its overall YTD allowance for credit losses in Q2.
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