Davos WEF
Davos WEF

Bank of America's CEO worries about the real fallout of Brexit

Bank of America's CEO worries about the real fallout of Brexit

Bank of America CEO Brian Moynihan said Thursday that Europe's structural issues like Brexit could have consequences for the banking giant.

"[Brexit] is unprecedented obviously," Moynihan told a panel hosted by CNBC at the World Economic Forum in Davos, Switzerland.

"People have to remember the point about the synergy between the banks and the economy. It's also the bank's capital markets and the economy. And any time you divide that in pieces it's not as effective," he said when asked about the issues banks face after the U.K. quits the EU.

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"If you want to have your road map on that, look at the rest of the world that divides it in pieces, and it's not as effective," he added.

He explained that U.S. banks like his own and JPMorgan had been able to shed assets and rebalance since the strains faced during the global economic crisis due to "unified capital markets" that U.S. lenders rely on. He juxtaposed this against Europe, which he said was a worry without the same support networks as in the United States.

"I get more worried more about the structural help for Europe, because if the European economy does well, Bank of America is going to do well and our corporate investment banking and our capital markets — and I think any time you divide things in two, they are a little less efficient, a little less investment, a little less certainty," he said.

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He called U.K. Prime Minister Theresa May's task on Brexit a "tough sled" and explained that the bank wouldn't make announcements on any adjustments or restructuring in the country until all the details have fully emerged.

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