Bank of America CEO: Our mobile banking strength 'goes far beyond the millennials' [CNBC]
Wells Fargo & Company (WFC)
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Source: CNBC
show chapters Millennials aren't the defining factor in Bank of America's mobile banking strength, which grew by 11 percent in the second quarter to 25.3 million active users, Chairman and CEO Brian Moynihan told CNBC on Monday. Our mobile capabilities and core mobile banking go far beyond the millennials, Moynihan told Mad Money host Jim Cramer in an exclusive interview after earnings. I got asked a question on the earnings call today, ‘Is this millennials?’ the CEO said. Well, there’s 35 million digital users. There aren’t enough millennials to do that. And so it spreads across all age cohorts, even guys as old as us, Jim. Bank of America reported fiscal second-quarter earnings before Monday's opening bell. The country's second-largest lender saw profit climb 33 percent to $6.8 billion, trouncing Wall Street estimates of $5.92 billion. The profit bump was buttressed by higher-than-expected cost-cutting, with expenses down 5 percent year-ove
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