NEW YORK — Bank of America CEO Brian Moynihan used aggregated internal customer spending data to describe how U.S. consumers are adjusting purchasing habits as inflation continues. He spoke at the Bank of America New York Financial Center in May 2024.

Moynihan stated, "Monthly spending on the bank's credit and debit cards was up 5% overall in May over last year." He noted that inflation outpaced wage growth for the second consecutive month in May.

Moynihan cited pet food spending, noting that "Higher end pet food is not being charged as much on our credit and debit cards as the next brand down." He observed that consumers are still engaging in activities such as dining out. "They still go out to eat, which is also good. Those are job-creating activities," Moynihan said.

Moynihan drew a distinction between what consumers express and their actual spending. "We watch what they do, not what they say," he said. He described consumers as spending money and maintaining activities, despite expressing concerns about high prices and affordability. Moynihan also stated, "If it goes from 'what they say versus what they do' to what they're doing, that's a real problem for the U.S. economy."

During his remarks, Moynihan addressed the role of corporations in the context of artificial intelligence (AI) and workforce development. He stated that a corporation's responsibility includes hiring, compensating, and training employees, preparing them for changes brought by AI. "Our job, a corporation's job, is to hire people, pay them well, train them well, get them ready for this brave new thing called AI," Moynihan said. He added that corporate leaders must manage this burden.

The CEO also outlined the bank's related hiring initiatives. Bank of America recently hired 2,000 recent college graduates and 2,000 summer interns. The bank has also pledged to hire 10,000 veterans and 8,000 community college recruits over the next five years.

No independent assessment of Brian Moynihan’s claims was available.