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TheStreet Open House

'More Frisky' Businesspeople Driving 2014 Loan Growth, Bank of America CEO says

Stocks in this article: BAC WFC

NEW YORK (TheStreet) -- Loan growth looks likely to improve in 2014 as business confidence grows stronger, according to Bank of America (BAC - Get Report) CEO Brian Moynihan.

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."

His outlook in that regard was similar to Wells Fargo counterpart John Stumpf, who also spoke Tuesday at the same conference.

Bank of America shares were down 0.11% to $15.56 Tuesday afternoon, while Wells Fargo (WFC - Get Report) shares were lower by 0.24% to $44.22.

-- Written by Dan Freed in New York

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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