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BofA CEO Moynihan: Here's our strategy

The mission at Bank of America starts with getting consumers to open up checking accounts, and then providing services — such as robust mobile banking — to keep them engaged, Chairman and CEO Brian Moynihan told CNBC on Friday.

Responding to a question about the fake account scandal at Wells Fargo, Moynihan said, "Instead of trying to sell an additional account, we drive ... the core account."

"Get the basic checking account for a mass-market consumer and do it well," he told "Squawk Alley."

Last month, Wells Fargo agreed to pay regulators $185 million in fines to settle charges that employees looking to meet sales targets and boost their bonuses opened up fee-generating accounts for customers who never asked for them.

The fallout has been swift — with Wells Fargo Chairman and CEO John Stumpf being grilled before two committees on Capitol Hill, while forfeiting $41 million in unvested equity and forgoing his salary during an independent investigation by the board.

Shares of Wells Fargo were changing hands near $45 in late trading Friday, compared with a 52-week high just north of $56.

Moynihan told "Squawk Alley" that he knows what it's like to be in the hot seat, because of what he went through with the Countrywide Financial debacle after the U.S. mortgage crisis.

BofA ended up reaching a $16.65 billion settlement over that situation with regulators in 2014.

Coming out of the 2008 financial crisis, Moynihan said it was imperative for the bank to "drive responsible growth," doing it the right way and making it sustainable.



"Over the last six or seven years, we doubled the amount of checking deposits we have, which are interest-free," he said. "We had the same amount of customers and twice as many deposits."

BofA has 31 million checking accounts, Moynihan said. "So if the Fed raises rates, we'll make a lot more money. By using mobile and moving the transactions we've been able to drive the cost structure down."

Moynihan said new mobile users grew by 1.1 million in the latest quarter, with a total of 21.5 million people using the platform.

"It is important for the brand of our industry to keep making progress and show people we play this core role, which is to help the economy grow, help develop communities, help companies build, help employ people, help consumers save," he said.

"Any noise around the industry sets us back from that. And we just have to keep plowing ahead," he added.

Asked whether he has any advice for Deutsche Bank, which is facing a fine of up to $14 billion from U.S. regulators, Moynihan told CNBC that banks should anticipate capital needs early in the process.

"Get to the place you have to go, because then they'll quit asking you how you're going to get there," he explained.

Shares of Deutsche Bank hit record lows last week on concerns that a big fine would cause a capital crunch. The stock has recently started to firm on talk of a smaller fine to settle a number of investigations related to mortgage securities.