Bank of America CEO Brian Moynihan cannot wait for the Fed to hike rates

Bank of America CEO Brian Moynihan is looking forward to December.

He’s not necessarily expecting an extravagant gift. But, if Federal Reserve Board of Governors Chairwoman Janet Yellen is making a list, what he wants is a rate hike.

In an interview with Bloomberg Television’s David Westin on Tuesday November 10, Moynihan was asked what a rate hike would do for his business.

“Well we disclosed, and we just – 10-Q within there that basically it’s $4.5 billion round numbers [in revenue] for every 100 basis points increase in rates, parallel rate rise.”

“[W]hen you have half a trillion dollars in zero interest deposits that are always zero interest and have hit a floor, and when you have loans repriced or rates going up, it’s a good thing for a bank. And this has been a very tough environment.”

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