Speaking at the Goldman Sachs financial services conference Tuesday, Moynihan said borrowers are drawing about 10% less than "where they typically average in a reasonable economy."
The CEO sees that changing in 2014 as "we're a year deeper" into the recovery. "The housing and other things are much more solid. Consumer spending is much more solid," he said.
Furthermore, says Moynihan, "the average business person we talked to is getting incrementally more frisky," meaning they are more likely to draw on existing credit.
Nonetheless, Moynihan said 2014 "will look a lot like this year but incrementally better."
Must Read: Wells Fargo CEO Optimistic on 2014
His outlook in that regard was similar to Wells Fargo counterpart John Stumpf, who also spoke Tuesday at the same conference.
-- Written by Dan Freed in New York