Coming from the leader of one of the biggest banks, Bank of America CEO Brian Moynihan said the Trump Administration’s call for a “21st century” version of the 1933 Glass-Steagall law would harm the financial system, according to an article in Bloomberg by Laura Keller Felice Maranz.
The article explained that the Glass-Steagall law separated traditional deposit-taking and lending from Wall Street investment banking.
“It would be against America’s interests to break up the large banks,” Moynihan, head of the nation’s second-largest lender, said Wednesday at the Bloomberg Breakaway Summit in New York.
He was reacting to President Donald Trump’s comment in an interview with Bloomberg on Monday that his administration is actively considering splitting giant banks.
Watch the full interview in the interview below.