Bank of America's newly appointed president and CEO, Brian Moynihan, told CNBC he doesn't expect the bank's balance sheet to grow much next year because of the weak economy.
"I don't see dramatic growth in the balance sheet just because the demands aren't there to do it," Moynihan said in a live interview.
The company's balance sheet in 2010 will likely remain around $2 trillion, he said.
Middle-market companies are still drawing lines of credit at the lowest levels in history because there's no demand for their products, and consumers are still beaten down by the economic downturn, Moynihan said.
"They're feeling incrementally better, things are a little bit better, they're spending a little bit more but it's still not healed," he said. (See the full interview here)
Moynihan also said:
Moynihan, who was appointed one week after the bank repaid the government the full $45 billion it received in TARP funds, will take over for retiring CEO Ken Lewis on Dec. 31. He currently serves as chief of the retail bank.
As the new CEO, he must finish the integration of mortgage lender Countrywide Financial and investment bank and wealth manager Merrill Lynch into the company.
He must also steer the bank — which has reported two quarterly losses within the last year, after posting nothing but profits for the last two decades — back to profitability.
Many of Wall Street's elite, including Bank of New York Mellon Chief Executive Robert Kelly, had been widely considered to be prospects for the post after Lewis announced plans in late September to retire.
—Reuters contributed to this report