Businesses are holding back on buying capital goods until the outcome of negotiations in
“The impacts of the potential cliff are already being felt,” Moynihan said. In the bank’s survey of chief financial officers, “the number one issue they see is the fiscal cliff. They tell us it’s affecting their business plan. That uncertainty continues to hold back the recovery. Simply put, our clients tell us they will not be aggressive in times of uncertainty.”
Moynihan, 53, is trimming staff and operations to reduce costs after revenue was “regulated away” by new legislation affecting consumer accounts, cards and trading at investment banks. He’s sold more than
Moynihan’s bank ranks second by assets in the U.S. and is based in
“We’ve gone from lagging the industry to leading the industry,” Moynihan said.
Macroeconomic signals are mixed and unemployment remains high even with the most recent improvement, he said.
|Copyright:||(c) 2012 Financial Planning. All rights Reserved.|
|Source:||Source Media, Inc.|