A pandemic year with households and corporations under unprecedented stress ought to be a vindication of Bank of America chief executive Brian Moynihan’s oft-repeated mantra of “responsible growth”.
The bank’s management says it doesn’t run the business to make the most money possible in the good times but rather to deliver through the bad times. Is it delivering?
Its pandemic efforts are undeniable. At the end of the third quarter, it had 343,000 loans outstanding in the US government’s Paycheck Protection Program – more than any other firm.
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