BofA's Moynihan Says Commercial Real Estate Will Be 'Slow Burn'.

MOYNIHAN, Brian T., 1959-; COMMERCIAL real estate; BANK of America Corp.; COMMERCIAL real estate loans; INVESTORS; CORPORATE profits

Bank of America CEO Brian Moynihan has stated that the banking industry will need time to address issues with commercial real estate loans. Moynihan described commercial real estate as a "slow burn" and emphasized that the banking system does not operate with the expectation of immediate asset movement. Last year, many regional lenders faced challenges due to rising interest rates, resulting in unrealized losses. Moynihan expressed confidence in Bank of America's underwriting practices and highlighted the strong performance of the bank's trading business. The bank is expected to release its first-quarter results next month. [Extracted from the article]

Copyright of Bloomberg.com is the property of Bloomberg, L.P. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)