Bank of America is aiming to double its consumer market share in the US despite concerns regarding consolidation in the industry.
The comments were made by the bank’s chairman and CEO Brian Moynihan in an interview with the Financial Times.
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In the interview, Moynihan said: “Our market share in consumer is probably 12, 13, 14 percent, depending on who counts . . . The reality is, you could double that. Other companies that you think might have big consumer markets share — the auto companies, the soft drink companies, the beer companies — they have massively more consumer share [than BofA].”
Moynihan, however, did not mention the timeline for doubling the bank’s share. He is of view that doubling Bank of America’s retail business might happen without the inauguration of new branches.
Moynihan said that he would not focus on overseas to achieve retail growth, citing the recent departure of Bank of America’s wealth management division from international markets because of an inability to achieve profitability.
Bank of America is the second largest banking institution in the US, after JPMorgan Chase.
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By GlobalDataConsumer banking is the largest division of Bank of America and serves about 48 million consumer households across the US.
The division is made up of retail, preferred and small business banking and functions. It lends to small businesses, offering strategic advice and a range of products that complement their business strategy in local markets.
