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Bank of America Corp (NYSE: BAC) CEO, Brian Moynihan, was on CNBC Tuesday to discuss how low oil prices are impacting the bank and its broader affect on the economy.
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“We have a $900 billion loan portfolio and our exposure in oil is around $40 billion that we disclosed,” Moynihan said, “but the big part of that is to very large companies that have a lot of different revenue sources of which oil integrated products is one, but as… we look at it in US especially, you have a plus and a minus and so both from a macro sense and a company sense we stress oil down to 30 [$30 per barrel] hold it down there for eighteen months.”
He continued, “We do all this, it’s part of the work, the reason …of the last crisis was to keep stress testing yourself all the time. So, we have run these stress tests, consistently have been running them and it doesn’t have a huge impact on us.”
Why is Oil Falling And What Are The Broader Affect In Economy Due To It?
“If you look at the consumers side, it’s been pretty remarkable and [I] just looked into data from last week, oil spending is effectively is down dollar a gallon, but the consumers are spending that money plus more and that means the consumers are benefitting by this, low oil, and are spending money which is good for the broad economy and company like ours, which has a lot more consumer exposure than we do oil company exposure, it’ll be a benefit long-term,” Moynihan added.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.