Bank of America CEO: Tax Cut Will Create Jobs

CEO attitudes are the key, Moynihan says.
By Dan Freed ,

NEW YORK (

TheStreet

) --

Bank of America

(BAC) - Get Report

CEO Brian Moynihan believes a planned tax cut will create jobs.

President Obama said yesterday he plans to extend tax cuts implemented during the Bush administration that would extend to both rich and poor workers. Many powerful Democrats such as outgoing House speaker Nancy Pelosi have opposed extending cuts to the rich, and have threatened to oppose Obama's plan.

In a brief interview with

Bloomberg News

, Moynihan said of the tax cut, "that sort of can shift attitudes among business. At the end of the day, that's probably what is most important, is to have the attitude that yes I will hire more, yes I will do more, because I think I'm being supported."

In the wake of the crisis, U.S. banks appear to have focused new hiring efforts overseas.

Goldman Sachs

(GS) - Get Report

has said most of its hiring plans are focused in emerging markets.

Citigroup

(C) - Get Report

, has also been growing in both emerging and developed Asian markets and recently also expanded

hiring

in Europe.

--

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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