Bank of America CEO Brian Moynihan makes first public speech

Charlotte Business Journal (blog) - Bank of America CEO Brian Moynihan delivered his first speech as the Charlotte-based bank's leader on Monday as the keynote speaker for the N.C. Bankers Association's annual Economic Forum.

Moynihan's speech focused on his expectations for the economy in 2010. To sum it up: He expects a long slow recovery with lingering unemployment trouble.

He confirmed his commitment to North Carolina, mentioning the bank will remain based here.

Moynihan, 50, also defended BofA's combination of commercial and investment banking services, an area strengthened with the purchase of Merrill Lynch & Co. a year ago. The timing of his comments follow recent proposals on Capitol Hill to reinstate the Glass-Steagall Act, a Depression-era law that prohibited commercial banks from engaging in investment banking. The law was repealed in 1999.

Major changes in that area would threaten BofA's recent purchase of Merrill Lynch, a major player in the investment banking industry. Moynihan was promoted to CEO after former leader Ken Lewis retired on Dec. 31.