BofA Is Ready to Compete With Walmart Fintech, Other Tech Startups, CEO Says
(Bloomberg) — Bank of America Corp. is confident in its growth prospects even as competition intensifies from fintechs including Walmart Inc.’s startup.
Walmart lured a pair of senior bankers last month from Goldman Sachs Group Inc. to run its fledgling financial-technology operation. The move struck fear on Wall Street, which has been urging regulators to halt efforts by retailers and startups to offer core banking products to millions of consumers.
Bank of America has an advantage because of its scale, Moynihan said, citing the company’s 40 million digital customers.
“What makes us unique is we serve all segments of clients,” from mass-market consumers to wealthy individuals and large businesses, he said.
Earlier this month, rival bank CEO Jamie Dimon of JPMorgan Chase & Co. said the company is prepared for intensifying competition.