US President Donald Trump gestures as CEO of Bank of America Brian Moynihan (L) speaks during a meeting with banking leaders to discuss how the financial services industry can meet the needs of customers affected by COVID-19 at the White House in Washington, DC on March 11, 2020.
Brendan Smialowski | AFP | Getty Images
“We’re in a war to contain this virus,” Moynihan said on CBS. “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?”
Moynihan noted that Bank of America, along with other banks, is helping out consumers impacted by the virus outbreak with payment deferrals on credit cards and mortgages.
“You don’t want people to be penalized because of the coronavirus, he said.
His comments came as the coronavirus has infected more than 156,000 people worldwide and has killed more than 5,800 people. In the U.S. alone, more than 2,900 people have been infected while at least 57 have died from it.
The virus has also led companies to take drastic measures to mitigate fallout from the outbreak. Nike closed all its U.S. stores while some airlines are suspending long-haul flights.
The stock market has also taken a massive hit from the virus, with the S&P 500 closing in a bear market last week, thus ending the longest bull expansion on record.
“This is a quick change from what was a solidly growing economy,” Moynihan said. He added, however, banks are coming into this outbreak “with capital liquidity that is so different than the last crisis.”
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