Moynihan touts BofA's growth opportunities in a tough environment

|About: Bank of America Corporation (BAC)|By:, SA News Editor

"We're coming out of the harbor and it's time to take this huge battleship to cruising speed," says Bank of America (BAC +0.1%) CEO Brian Moynihan, kicking off his company's financial services conference (webcast) with a fireside chat.

Where's growth going to come from? Consumer credit cards, for one, says Moynihan, noting the bank two years ago was doling out about 700K new cards per quarter vs. 1.1M in the most recent quarter - and all of the growth was done through selling to the existing customer base. There are still millions of customers to tap, and then there's the need to boost activity levels - there remains plenty of room to grow.

The business owners Moynihan talks to are "cautiously optimistic," and consumers have been spending at a fairly good clip ... "(We've) just got to make sure we don't talk them out of spending."