The next is the transcript of the interview with Financial institution of America CEO Brian Moynihan that aired on “Face the Nation with Margaret Brennan” on Dec. 21, 2025. Editor’s be aware: This interview was filmed on Dec. 17, 2025.
MARGARET BRENNAN: Properly, thanks for making time.
BANK OF AMERICA CEO BRIAN MOYNIHAN: It is nice to be right here. Good to see you once more.
MARGARET BRENNAN: I need to speak to you in regards to the state of the financial system, as a result of our CBS polling is exhibiting that probably the most People requested this query say their vacation gadgets are laborious to afford.
MOYNIHAN: Yeah.
MARGARET BRENNAN: They’re pulling again as a result of incomes will not be maintaining with inflation. Nevertheless it’s a really totally different story. While you have a look at the higher earnings brackets, I do know you see information of precise transactions. Are individuals doing what they inform us they’re doing?
BRIAN MOYNIHAN
So- so we not solely see it within the mixture, we additionally see it in items. And so for those who look within the mixture, the quantity spent by the Thanksgiving weekend, on you recognize, Black Friday and Cyber Monday by all of the month of November and the primary a part of December, it’s- it is up four- 4 and 1 / 4, 4 and a half % versus final 12 months’s November. And so it is rising. After which for those who look by terciles, three buckets of earnings ranges, it is clear the individuals within the backside earnings degree, at decrease earnings ranges are spending a bit of sooner development price, however nonetheless rising and within the center and higher sooner. So, you recognize, what they’re telling you is, what they really feel, what they’re really seeing, is spending is actually stable, fairly stable heading into the tip of the 12 months, and it has been form of going alongside like that each one of December. Now, wages have grown, however inflation bothers individuals. Jobs are you recognize, the unemployment price’s very low, nevertheless it’s been rising. So there’s a whole lot of dialogue in there. On the finish of day, individuals are spending they’ve good credit score high quality. They’re employed, and wait- we are able to see wages rising in as individuals’s paychecks are available at a 3% clip. So it is a- it is fairly stable proper now.
CATHERINE RUSSELL
Is that also, although stilted in direction of the higher earnings brackets? Is it that Okay formed financial system some individuals speak about–
BRIAN MOYNIHAN Our staff places the- seems to be at this. Sure, it the expansion price distinction is greater, however all of- all of the third, a 3rd, a 3rd, all three thirds are rising.
MARGARET BRENNAN: And also you assume that can proceed?
BRIAN MOYNIHAN: That is been steady. And so that is the query. They develop at totally different charges, however they’re all rising, which all means they’re placing more cash within the financial system than they did this time final 12 months.
MARGARET BRENNAN: Why do you assume individuals have sentiment that is low however spending that is greater?
BRIAN MOYNIHAN
It is- you hear about it, you’ve got talked about it. It is this query of affordability and costs and making an attempt to determine how that- as a result of we had a really, a really unusual course of from 20 by now, we had COVID lockdown, then we had all of the stimulus, and we had excessive inflation, after which we had wages caught as much as it. And for those who draw a line and say, This is wages and here is spending and here is value development, it’s- they keep in sync throughout an extended time frame, however they went at totally different instances, and they also noticed the inflation and 20 and 23 and 24 that that was on their minds, they usually need to see it subsist, and it will take a short time to subsist. However as you go into 26 having come by 25 the incremental hit of that may be decrease. And even when the Fed seems to be at they assume inflation retains working its method down. Nevertheless it’s- it is what individuals really feel, and you’ll’t low cost that. And it is also at sure job classes and stuff, there’s been extra dislocation, and that is resulting from among the authorities downsizing and among the different issues happening. However, nevertheless it’s, it is not widespread at 4, you recognize, 4.6% unemployment within the final quantity they publish, that is nonetheless in the- in our enterprise careers, is definitely a really low unemployment price, frankly,
MARGARET BRENNAN And what do you see then as the most important threat to the financial system?
BRIAN MOYNIHAN Properly, once you look out forward, it is, it is it is the query wars is one other factor that would actually shake up the markets. However the actual query is- is- will the buyer maintain spending within the US? We have now the US financial system rising about 2.4% subsequent 12 months. We have now in- however that is dependent upon a shopper that stays engaged. If the buyer turns into much less engaged as we transfer into 20- from 25 into 26 and slows down their spending. That is going to decelerate the financial system. In order that’s a threat. You simply do not see it wherever now. The second threat is wars and different issues that would go on that would create shocks to the market. And you recognize, then there’s the same old issues, cyber occasions and issues like that. However the actual threat is, will the People, if the businesses of America make use of individuals and pay them a bit of bit extra, they’ll spend an financial system within the US will likely be nice, after which you’ve gotten these investments within the stimulus from the uh, the tax act, you’ve gotten the stimulus from among the investments coming in which can be maintain kicking in. And that is why our staff went from one and a half %, in all probability 4 months in the past, to 2 and a half %, 2.4% for 26 now, yeah.
MARGARET BRENNAN 4:32 : Okay, so previously 12 months, commerce and tariffs, there have been a whole lot of shocks to the system. It was a giant concern, however Financial institution of America now initiatives President Trump’s technique is one in all de escalation, not escalation. Does that imply you see this commerce struggle with China cooling off?
BRIAN MOYNIHAN 5:00
Properly, I believe- for those who return to the place we have been in April, there was a whole lot of lack of awareness about the place this could find yourself, and that affected small businesses–
MARGARET BRENNAN: There was shock–
MOYNIHAN: –and medium dimension businesses–
MARGARET BRENNAN: There was shock.
MOYNIHAN: They have been shocked.
MARGARET BRENNAN: There was shock on liberation day.
MOYNIHAN: The sheer dimension, the amount, the {dollars}, throughout the board, et cetera. What you say now, as instances moved on, it is kind of a 15% on one aspect, after which a better quantity based mostly on individuals who will not commit to buy from the US, or will not decide to decreasing their non tariff boundaries and issues like that. And so the query, after I speak to international governments they usually ask you the query about what’s this all mean–or international CEOs–you say, look, you bought a selection. You will be right here or be right here. You simply need to make the selection. You are going to be- drive extra in direction of America, and you’ll come down to fifteen% to go from a ten% throughout the board, to fifteen% for the broad base of nations, not a big impact. And that is the place our staff says it is beginning to- it is beginning to de escalate, and that you simply’re beginning to see the decision of the discussions into 15% right here 17 totally different numbers. While you put China, China’s a unique query, as a result of the nationwide safety pursuits, the uncommon earth minerals, the magnets, batteries, simply AI, all that stuff. It is a very totally different case. And I believe additionally between Mexico and China, the USMCA, which must be redone, can also be a unique case. However broadly on the planet, you possibly can see kind of the tip level right here and now they’ve simply bought to (INAUDIBLE)- it is started working by the system.
MARGARET BRENNAN 6:18 How a lot of a toll has that taken on small companies? I perceive B of A is the most important small enterprise lender.
BRIAN MOYNIHAN 6:24 So we are the largest small enterprise lender. If we have been sitting right here within the second quarter of this 12 months, it was a giant toll. They have been very- as a result of charges have gone up, and that prices them more cash as a result of they borrow on revolving strains of credit score. In different phrases, they borrow a floating price, after which the tariffs got here in and brought on them I am undecided I can get the products at what value and the way can I commit? However as you went by the 12 months, charges got here down a bit of bit, in order that they’re extra their difficulty proper now could be, can I get the labor I have to do, to bid the contracts, to do the work I am doing? As a result of the immigration insurance policies have not settled in but, and that is inflicting individuals concern. It is not that they agree with them or are disagreeing. They simply have to have the reply, and that is what they’re in search of. So for those who assume throughout 4 coverage regimes, tax-trade-tariff, immigration, after which finally, deregulation. You have seen a decision of a whole lot of them, however I believe the subsequent one for small enterprise, what they inform us is labor availability. How they get there’s, I want individuals to do that work, and I have to be reliable. They’re right here. So give me a algorithm and I will go play with them. However I have to be clarified what the principles are.
MARGARET BRENNAN 7:20 The labor shortage difficulty, individuals simply cannot discover folks–
BRIAN MOYNIHAN 7:23 The- dependability and people who find themselves in all probability not something to do with what the insurance policies are about feel- really feel in a different way, and that is if they do not really feel they’ll go to work, if they do not really feel they’ll do issues that that simply has to resolve. And small companies are typically most impacted as a result of they do not have our great analysis staff to determine all of it out and speak and speak to the large purchasers who produce other groups to do it, and that is trickier. So I believe, and by the best way, the administration understands that they are engaged on it, they’re making an attempt to determine learn how to get that half put collectively so it is clear what the insurance policies will likely be and will not be, in order that, or aren’t, or, extra importantly, aren’t, actually what the those that the ailing settled down, however that that difficulty of labor was a 23 difficulty after the good resignation disappeared from small, medium sized companies got here again in actually due to the place, the place we’re from this summer season on.
MARGARET BRENNAN: One of many different large elements, it appears within the jobs market, is that this query of synthetic intelligence. How a lot is B of A counting on AI to do issues like predict mortgage defaults or determine dangers?
BRIAN MOYNIHAN: Properly, so I believe the best way that the buyer would really feel AI at Financial institution of America is Erica. So for those who go on our cell app- you there is a bot there. It is an agent. It has been there for a few years. It does 2 million buyer interfaces a day. So it is not small. 20 million clients actively use it. It may well reply 700 questions. In order that’s actual and been happening. And in order that’s the best way a buyer would really feel it. In case you’re a company buyer, you’d really feel with Erica’s embed in our money pro- so your portal you go to as an organization to make funds or FX transactions, and also you need to ask questions, Erica is there. In order that’s- that you simply’re asking about one thing totally different. We have now used fashions for years about predicting defaults. So we do stress testing. These are all fashions to foretell the result. We have now loss given defaults, default predictions. That is all there. Can these assist us make us extra knowledgeable? Sure, can they assist several types of workers function sooner? Completely. So we’re deploying throughout all our teammates AI, have entry to AI instruments. The- there are specialised AI instruments in sure areas, however we expect the best greatest use close to time period is both discrete course of software or in serving to us construct clever to excessive ranges. However to interface to a buyer, you must have your information proper. It’s important to have the controls proper, as a result of you possibly can’t give the client the fallacious reply, whether or not it is, I’ll approve your mortgage or not, and that is why this will likely be a little- take a bit of extra care to implement in buyer going through enterprise with belief, which is what monetary providers is.
MARGARET BRENNAN: Properly, I ask it as a result of there’s that query of what number of human jobs get changed, proper? And once you have a look at that latest Enterprise Roundtable Survey of CEOs, they predict that whereas there’s spending on expertise and AI, they don’t seem to be hiring going up. They see it really decreasing.
BRIAN MOYNIHAN: So, so there is a couple issues that’s what’s on individuals’s minds, and that is after we speak to our teammates. We’re saying, Hey, we’ll convey AI and make it extra environment friendly, after which we bought to supply extra exercise. And you do not have to fret. In case you seize AI and use it in your daily work, that is an amazing factor. And so it is not a risk to their jobs. However alternatively, I believe individuals are actually assuming they’ll get advantages, and we’ll see in the event that they get these advantages. However you recognize, for those who assume from 1969 to 2019, it was 50 years, a whole lot of expertise got here in America employs twice as many individuals in 2019 as we did in 1969. So will this wind up? I do not know, and no person actually is aware of for positive, as a result of we’ve not ever had it. However alternatively, there is a functionality in our firm. The industrial bankers are calling on industrial clients. In the event that they get 10% extra environment friendly, we could not add loads to develop, however doesn’t suggest we’re gonna take away and get the efficiency- we need to develop. We need to drive extra development. So the AI will likely be spent- the efficiencies from AI will likely be spent to continue to grow the corporate, I believe.
MARGARET BRENNAN: So, it is an issue for the brand new school grad, nevertheless it’s not essentially a layoff that you simply’re making, basically.
BRIAN MOYNIHAN: Yeah, properly, we simply employed 2000 plus new school grads in July, so it’s- we did not change the scale of class- my recommendation to these youngsters, for those who ask them in the event that they’re fearful about, they are saying they’re fearful about- these are youngsters that we rent, 200,000 functions, we rent 2000 individuals. They got here into our firm. In case you ask them, in the event that they’re scared, they are saying they’re. And I perceive that. However I- says, harness it, and also you should not. It will be your world forward of you.
MARGARET BRENNAN: Let me ask you in regards to the mortgage enterprise. You have bought a giant one. The Fed says exercise within the housing sector is weak. What do you see is behind that hesitation?
BRIAN MOYNIHAN: There are two components to it. One is the speed construction is greater, so it is simply slowed down the exercise. So if individuals are going to promote a home to maneuver as much as an even bigger home or one thing, the price of debt goes to go up. In order that’s slowing down that exercise. The second is constructing. And there is housing quantity shortages everywhere in the nation. Some single- you may have single household, multi small multi ground items, issues like that. Or much more, greater multi household, main cities, however there is a common housing scarcity, as a result of for thus a few years it has been laborious to get housing permitted, and so the recommendation I give to anyone is you are in all probability not going to see the ten 12 months charges go down. Our teammates assume the Fed funds price will get the low of three and however the tenure price stays between 4 and 4 and a half, which implies the mortgage price will not be loads totally different than this at present, however for those who improve provide, you may maintain costs flat, and wages will develop by it. And also you’re beginning to see costs have flattened out in lots of locations. So you bought to construct provide, and you bought to get allowing finished, and you bought to try this might be the answer. Transferring mortgage charges 50 foundation factors is not going to be an enormous change. When you’ve gotten a bunch of individuals 3% mortgage charges, that is not going to be modified. And by the best way, for the American financial system, we don’t need to have an financial system that has to have that low price construction once more, as a result of meaning we’re not rising, we’re not profitable, and we’re in all probability offsetting a recession. So we should not be cheering for 3% mortgage charges. It was an anomaly that occurred, and now we bought to get again to regular.
MARGARET BRENNAN: Properly, you do hear the administration discuss charges coming down is an efficient factor? You are simply saying it is not a easy, fast repair.
BRIAN MOYNIHAN: Properly, for the housing market, as a result of there’s 60 million- there’s 130 odd million households in America, half of them haven’t got a mortgage. That is this complete lock in query will not be even a related query. They hire, and so you bought to bring- rental affordability is a query. Or they personal outright, and that is a unique query. They inherit a home, you recognize, third technology, or one thing like that. So it is a very advanced factor, however simplistic- simplistically, if mortgage charges come down, individuals will pay extra. The truth is, if costs come down, individuals have extra affordability on that aspect. So I believe it really works itself by. However we had a really totally different price surroundings for lots of years, and that’s- that is laborious for individuals to consider, as a result of individuals beneath the age of 40, 2,3, 4, no, weren’t out working in an surroundings the place we had a 3% Fed funds price, which is extra the norm than not.
MARGARET BRENNAN: So let me ask you about Fannie and Freddie. Taxpayers took a stake in the course of the monetary disaster in these mortgage lenders. The Treasury Secretary mentioned that they’re anticipated to return to the general public market within the subsequent 12 months, with the federal government promoting a portion of that stake. Does Financial institution of America have a job in that transaction? However- however for customers, is that really going to push up the price of proudly owning a house?
BRIAN MOYNIHAN: I do not discuss consumer relationships, however look, it will not in the event that they maintain the assure. And- and the administration is aware of that, Secretary Bessent is aware of it that assure helps maintain that mortgage price down, but additionally supplies a 30 12 months mortgage. As a result of now, once you make a mortgage mortgage with out a authorities assure for a borrower who could also be on the qualification ranges, there are extra advantageous to borrow. You make a call for the subsequent 30 years that the borrower goes to be okay, or a whole lot of years. In order that assure is important to U.S. getting fastened price mortgages and having a whole lot of mortgage availability, after which they’ve run the issues fairly accountable since monetary disaster. Down funds have stayed substantial. So the credit score high quality of present portfolios is fairly good. They usually cannot lose that, as a result of that was the rationale. One of many explanation why we had the monetary disaster was the low down funds and many mortgage loans with zero fairness in them. And as quickly as costs on homes got here down, the entire thing exploded, and all America was affected. So I believe they’re very aware all that, and I believe- however they’re important of the U.S. housing system. They all the time have been. They’re an amazing firm. They are a iconic firm for the U.S., frankly, now to place them collectively and are working properly.
MARGARET BRENNAN: So the president has introduced that he needs all these sweeping adjustments to the Federal Reserve. Chair Powell is about to retire from the job in Could. For somebody at dwelling, how a lot does that job matter to the buyer. How do you clarify that?
BRIAN MOYNIHAN: Properly, it is one of many attention-grabbing issues. So the President’s going to nominate a brand new chair of the Federal Reserve. Presidents throughout- because the Federal Reserve, 100 plus years in the past, was based, have finished that, it is not new. He is bought nice candidates. He’ll appoint anyone, and we’ll assist that candidate get the data to achieve success, and so we’ll see what he does. However that is his prerogative. , that is he ought to do it. There’s- my thoughts, there’s an excessive amount of fascination with the Fed. We’re not- we’re a country- we’re a rustic that is pushed by the non-public sector, by what individuals do, and within the companies and the businesses, small corporations and enormous corporations, medium sized corporations, and entrepreneurs and medical doctors and lawyer- all these individuals drive our financial system. The concept we’re like hanging on the thread by the Fed transferring charges 25 foundation factors, it appears to me we have gotten out of whack. And so we bought to get- because the monetary disaster, the Fed had a giant function in stabilizing the financial system. That is what they’re presupposed to do. That went away variety of years in the past. It got here again a bit of bit in COVID. They are a lender of final resort. They’re there to stabilize markets and price- however different web you should not know they exist fairly frankly–
MARGARET BRENNAN: –So you do not fear about all this, you recognize, handwringing of political interference with the Fed, as soon as that new place is–
BRIAN MOYNIHAN: –The market is a- will punish individuals if we do not have an unbiased Fed. And all people is aware of that.
MARGARET BRENNAN: Let me ask you about Trump accounts. They’re making an attempt to construct generational wealth. The administration says by having these rich donors, state governments, employers put cash in these tax benefit accounts for teenagers as an addition to the federal authorities placing some cash into a few of them, are you going to have a job in that program? And what do you assume extra broadly about increasing the variety of individuals placing cash within the inventory market, in these index funds.
BRIAN MOYNIHAN: So I believe primary, if- at our firm beginning 2017 we- after the tax act from that 12 months, a whole lot of corporations gave their workers $1,000 bonus. We began doing one thing else the subsequent 12 months, which we stored going and I’ve gone since. So our 200,000 plus workers yearly get an award of inventory throughout the entire board, and that is constructed as much as be s–
MARGARET BRENNAN: –Many firms try this, restricted inventory.
BRIAN MOYNIHAN: Yeah, nevertheless it’s gone on for now. Plenty of them did it as soon as, did not do it, however only a few have finished it that a lot. And that is like $6 billion of inventory have gone into these workers. And so I consider in inventory possession by all people. I consider in holding that inventory and appreciating. And so we consider in that, we now have a 401k, that folks can make investments, we now have 7% match and all that stuff. These accounts, I believe, are additionally good. The query is, you recognize, the dad and mom need to make the contributions, and the federal government will put some cash in, however the broader merchandise obtainable for folks, it’s going to be good to save lots of. However I believe we shouldn’t- we should always do that, however we even have to recollect monetary training. As a result of if you may get an training typically, in expertise coaching, as a result of if anyone might earn $10,000 extra a 12 months than they’d in any other case earn, or they’ll steadiness their price range and be money move optimistic to $10,000. That goes on for his or her, you recognize, from their first job, 21,18, right through 65 that’s some huge cash. The place this for 18 years, will likely be some huge cash, nevertheless it’ll be- it’s going to cease the place that can go on perpetually. So we want such a work. And I expose the fairness markets underinvesting in America and all these issues, very low price the place the index funds doesn- it had foundation factors the place they have been saying that is all the best strategy to do it. By the best way, it was again to privatization, Social Safety in these days and that stuff.
MARGARET BRENNAN: Is that this mainly a method to try this? I imply, each child all of a sudden has a inventory market funding.
BRIAN MOYNIHAN: It will- I imply, we’ll need to see. You and I will not be round 50 years, 60 years from now, perhaps you can be, I will not be round 60 years from now to consider it. Nevertheless it- you know- it’s going to, it’s going to try this. However fairness funding by individuals holding that and having have to carry it to allow them to’t churn it and promote it. And that is, that is a very good factor. So I believe it is an amazing product. I believe it is great that individuals are stepping up and contributing to it. All of us have to consider an employer, as a result of we now have that inventory program, which is a number of thousand {dollars} to workers. And, you recognize, we now have our 401k match. And if we do that, how does that work? And stuff like that. However- and for those who do it for teenagers, what do you do for the remainder of individuals? You will have this query that not all people in our firm has youngsters. And so if I put the match in for- if I put the cash for individuals with youngsters, what I do with individuals with out youngsters? So there’s a bit of extra advanced, nevertheless it’s a very good factor, and I believe we’ll work out learn how to take part and make it occur.
MARGARET BRENNAN: So again in August, after we spoke, you talked about these allegations of banks taking part in politics and discriminating towards conservatives. You pushed again fairly laborious in that second. However earlier this month, the Trump administration launched preliminary findings about banks, together with Financial institution of America. It is a six web page report. There’s reference to your environmental and sustainability-related choices that have been made in the course of the Biden administration. Do you’re feeling you must undo these? Have you ever undone them?
BRIAN MOYNIHAN: Plenty of them have been- have been undone or made extra exact as a result of the interpretation wasn’t really what went on. So for those who learn the web site, you may say, oh, they’re doing this. And the fact was that is not what was going- by no means was meant. And so we do not debank anyone for spiritual or political causes. We made the insurance policies clear so individuals might see it. We welcome all of the enter from the banking regulators and others. And we’ll, we’ll have a look at anyone who, who feels we- consider me, they- individuals have thought they have been closed for causes that they could not perceive. We have checked out that in all probability, you recognize, as a result of clients can come to our firm and say, ‘you’ve got closed my account, why?’ And we are able to inform them. However I believe individuals are forgetting the rationale why a whole lot of this went on was reputational threat was an evaluation course of that went on, and it was actual. And, and consider me, you recognize, individuals would learn the paper and mentioned, you recognize, Jane Smith, John Smith, you are doing enterprise with them. They did one thing fallacious. You have to be a fail as an organization, and due to this fact we’ll write you up.
MARGARET BRENNAN: That was in the course of the Biden administration that sort of–
BRIAN MOYNIHAN: –even–
MARGARET BRENNAN: –social stress you are saying–
BRIAN MOYNIHAN: –20 years ago–
MARGARET BRENNAN: 20 years in the past, okay–
BRIAN MOYNIHAN: It has been happening for a very long time. It simply stored increase, after which it is after which the second factor is that, that for AML and KYC points, we needed to shut accounts. And so the extent of a transaction was set in 1972 at 10,000 and you’ve got two issues, if it goes above that, you must pour it down, if it goes a number of ones near that. That hasn’t been modified since 1972. That quantity could be 80,000 at present, so what we thought was materials then–
MARGARET BRENNAN: –in phrases of, like, suspicious transactions.
BRIAN MOYNIHAN: Yeah, and so and so. There’s a whole lot of overwork right here that we’re making an attempt to- in the event that they get these rules proper, that will likely be very useful. So there’s kind of the ESG aspect of it, these issues I believe a whole lot of us fastened to verify they’re based mostly on threat and actual information and stuff. As a result of this was happening far earlier than the brand new administration got here in, frankly, in states and different locations. There’s the query of getting the AML, KYC letter after which the repute threat, which to the credit score of the present federal bankers, they’ve taken that off the desk.
MARGARET BRENNAN: as a result of there actually aren’t that many factors of settlement nowadays between Wall Road and the White Home. However this difficulty the president himself actually dug into and he mentioned that Financial institution of America declined to open new accounts for him and his household after his first time period in workplace. Do you assume you’ve got patched issues up? I imply, it’s- have you learnt what he is speaking about?
BRIAN MOYNIHAN: We- I would not discuss consumer relationships with anyone, however we–
MARGARET BRENNAN: He mentioned it on tv, about you.
BRIAN MOYNIHAN: I do know that. Folks- if I had a nickel for every part all people mentioned about me on tv it- you recognize, I would be wealthy. So on the finish of day, we financial institution all people. We have now 125,000 spiritual organizations. We have now 70 million customers. We have now tens of thou- we now have the most important small enterprise lender within the nation interval and cease. ? And so, you recognize, the concept that we toss individuals out, it is, it is simply not true. So I will not get into a person buyer and their, and their factors of view. However look, a few of these insurance policies, we have been pushed to locations that we have been capable of convey again to the middle and America ought to be ok with that.
MARGARET BRENNAN: And also you assume the issues are copacetic now. You set this behind you with the White Home?
BRIAN MOYNIHAN: Sure.
MARGARET BRENNAN: Okay, I am getting a wrap over right here on time. So thanks for making time for us.
BRIAN MOYNIHAN: Glad Holidays, thanks.
MARGARET BRENNAN: Glad Holidays to you.
