The new CEO of Bank of America kicked off his first week on the job by striking a mostly optimistic tone about the economy during a speech this afternoon in Raleigh.
Companies will begin to re-hire in 2010, housing markets will continue to stabilize, household budgets remain under stress but are moving in the right direction, and consumer spending is improving, Brian Moynihan told an audience of about 1,000 business executives and others. He spoke at the eighth annual economic forecast forum sponsored by the N.C. Chamber and N.C. Bankers Association.
"The economic hole we're climbing out of is very deep," said Moynihan, 50, who became Bank of America's CEO on Jan. 1. "Getting out will not be easy -- and it will take time."
For its part, the Charlotte-based bank and nation's largest lender will increase lending to businesses, and modify more mortgages to aid homeowners. He also said that reform is inevitable, given the amount of damage the financial industry caused to the nation's economy.
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