Crucial Quote
“With external factors like the war, gas prices are slowing down spending but then you have AI spending which is driving development and big business too,” Moynihan said at the Forbes Iconoclast Summit.
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Key Background
The University of Michigan’s Index of Consumer Sentiment came in at its lowest level ever in May. Consumers have expressed worry about rising inflation, gas prices, tariff pressure and stagnating wages. Bank of America has continued to project rising GDP growth and consumer spending for 2026 since last year. Under Moynihan’s leadership, Bank of America has grown to a market capitalization of more than $360 billion and manages more than $2.4 trillion in assets—claiming the position of the second-largest bank in America behind JPMorgan Chase. In 2025, Bank of America had a record-breaking year, with $30.5 billion in net income, and from Q1 this year, has already seen revenue growth of 7% year-over-year. The fifth annual Forbes Iconoclast summit brings together the world’s most influential investors and financiers with over $20 trillion in total assets under management. This year’s speakers include Moynihan, Bridgewater founder Ray Dalio, Carlyle CEO Harvey Schwartz and new billionaire David Beckham.
Further Reading
ForbesForbes 2026 America’s Best Banks List | Top Ranked and RatedForbesForbes Iconoclast 50: These Mavericks Are Rethinking PhilanthropyBy Kirk OgunrindeForbesHow A Chicago Accountant Quietly Built A Billion-Dollar Fortune Amassing Humdrum BusinessesBy Kirk Ogunrinde