Major bank CEO says Trump’s tax policies will make US ‘the No. 1 place to invest’ again

From mergers and acquisitions to deregulation and the “competitive” tax structure, the top executive of Bank of America shared an optimistic picture of the US economy under the second Trump administration.

“When you talk to people here, from all over the world, (in) business, it’s the No. 1 place to invest. Not by a little, by a lot,” BofA president and CEO Brian Moynihan said of America . economic landscape during the “Morning with Mary” interview from the World Economic Forum in Davos, Switzerland.

“If you go back to the first Trump administration and the tax changes, that brought America’s tax rate up to where it was competitive. America still has … (a) big market, the biggest economy of the world, growing, etc. “America has good business conditions in terms of talent, people, flexibility of workers, all those kinds of things.

“So you put everything together, it was a great place to invest. Go and say now, I’m going to return the regulation, and now I’m going to create even better conditions for investment.”

TRUMP’S DEREGULATION ‘CONSTRUCTIVE FOR GROWTH’: GOLDMAN SACHS CEO

Bank of America kicked off the Q4 earnings season with rising profits, reporting a double-digit beat of $6.67 billion as its investment banking fees saw a 44% increase to $1.7 billion .

Bank of America President and CEO Brian Moynihan, inset, is optimistic about the economic environment under a second Trump administration. (FOX Business)

Most of the banking industry expects more M&A deals to come to the market below President Donald Trumpwhile he also plans to roll back regulations that have prevented transactional activity during the Biden administration.

Former Biden appointees of the Federal Trade Commission, the Federal Communications Commission and the Antitrust Division of the Department of Justice stopped almost all M&A activity since his term began in 2021. Those who chose to defy the regulatory restrictions faced prolonged legal battles with the police of the Biden affair.

“We were sitting here last year, the problem of business inflation and interest rates, but another major problem was the amount of regulation in small and medium-sized companies, and in the banking system , and mortgage companies. And the sense is that Ora will return to more normality, “said Moynihan.

“It went too far in the last administration,” he added. “We tried to explain to them that it was going to cause them problems … But I think it’s more important that the general economy feels some relief on regulation across the board, the ability to do business, and the companies Americans can now go out at home and around the world and be the kings they are supposed to be.”

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Moynihan explained that Bank of America’s first research team expects GDP growth of 2.4% for the United States in 2025, the M&A pipeline is “full” and a 20% increase in IPOs.

“Therefore, who says that the capital can be put to work. So everything bodes well,” said the president and CEO. “The enthusiasm from our team for what’s ahead is much greater than it was in the fourth quarter because it was kind of under the old regime.”

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FOX Business’ Eleanor Terrett contributed to this report.