Brian Moynihan, chief executive officer of Bank of America Corp., during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, D.C., on Thursday, Sept. 22, 2022.Al Drago | Bloomberg | Getty ImagesBank of America CEO Brian Moynihan said Friday that the bank is preparing for a potential recession in 2023, including a scenario where unemployment rises rapidly.”Our baseline scenario contemplates a mild recession. … But we also add to that a downside scenario, and what this results in is 95% of our reserve methodology is weighted toward a recessionary environment in 2023,” Moynihan said on a call with investors.related investing news That pessimistic case, which is more negative than it was last quarter, calls for unemployment to rise to 5.5% early this year and remain at 5% or above through the end of 2024, Moynihan said.The CEO’s statement mirrors the earnings report for JPMorgan Chase, whose e …
