The CEO of the nation's largest bank insists that his bank is actually not excessively large.
According to Brian Moynihan, who took over for Ken Lewis at Bank of America earlier this month, the company is not currently "too big." The bank is the size it is, he implied, only because of demands for its services.
Moynihan spoke to CNBC this week in an interview from the World Economic Forum in Davos, Switzerland. "We do things for our customers, and that's what I think everyone recognizes is that our customers need us to intermediate in the financial markets," Moynihan said.
President Obama has proposed separating the trading operations and retail banking divisions of the nation's largest banks. But bank leaders say that dividing commercial and investment banking would not have prevented the last crisis. And offering both at the same institution, they argue, is something customers -- broadly defined -- very much want.
"Bank of America is not too big. We think that what we can do is provide incredibly things for our clients.I think the role that government is trying to play is to make sure the institutions remain stable through all kinds of crises and I think that's an absolutely appropriate role for the government to play. Big by definition is not the question, it's a question of how you conduct your activities, how you manage activities and how you manage risk."
WATCH the full interview: