Bank of America CEO Brian Moynihan Urges Caution on Tax Increases and Highlights London's Financial Importance
Brian Moynihan, CEO of Bank of America, has advised governments to exercise caution when raising taxes, emphasizing the importance of clarity about what the additional revenue will be used for. He noted that while the UK budget was acceptable to Bank of America, unclear rationales for tax hikes could provoke negative reactions in financial markets.
Moynihan praised the UK as a premier financial services hub and described London as a key, globally connected base for Bank of America staff. He referred to London as the bank’s “headquarters of the world,” highlighting its ongoing appeal to both workers and business activity.
Bank of America, currently the second-largest US bank with a market capitalization near $300 billion, greatly surpasses UK banks such as Barclays, Lloyds, NatWest, and even HSBC in size.
During his visits to the UK, Moynihan has met with King Charles III, noting that the King’s briefing and knowledge impressed him and his colleagues.
