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‘We’re in a war to contain this virus. The interesting thing is everybody has the same common enemy across the whole world. So, it’s a question of how we do that as employers?’
That’s Bank of America BAC, +17.80% CEO Brian Moynihan talking to CBS on Sunday about the coronavirus and how he plans to navigate it as the head of one of America’s biggest banks.
“We have to take precautions to meet our part of the war, which is to get our teammates socially distanced, to go back to central operations to make sure we work,” he said. “This is a health-care crisis and a humanitarian crisis. We can’t forget we have to take care of people and handle that first.”
Part of those efforts to “take care of people,” includes the deferral of payments on credit cards and mortgages for customers having trouble with coming up with the cash. “You don’t want people to be penalized because of the coronavirus,” Moynihan said.
He mentioned, however, that, despite the huge hit to the market, this latest crisis is not reminiscent of the last. “This is a quick change from what was a solidly growing economy,” he said, explaining that banks are equipped “with capital liquidity that is so different than the last crisis.”
Watch the full interview:
