Tuesday, Could 26, 2020 10:58 a.m. EDT
by Thomson Reuters
(Reuters) – Bank of America Corp head of wealth administration Andy Sieg, stated on Tuesday that the coronavirus pandemic has not meaningfully disrupted enterprise on the wirehouse, although purchasers are nonetheless holding extra cash.
Talking at an investor convention, Sieg stated cash now represents a mean of 13% of consumer’s portfolio’s in comparison with 10% on the finish of final 12 months. Allocation to equities has decreased to 56% from 60%.
“You see it within the cash ranges that purchasers are sustaining some liquidity proper now and so they haven’t been rotating again out of cash into the fairness market,” he stated.
The shift to cash helps to maintain deposit progress robust in the course of the quarter and loan progress is being boosted by refinancing actions as a result of low charge atmosphere, he stated.
(Reporting by Imani Moise, Enhancing by Franklin Paul)