Thomas Montag, Bank of America Corp (NYSE: BAC)’s Merrill Lynch division president of global banking and markets, said during a presentation that the global economy has a 25% change of seriously worsening again and that it would take another major event to trigger a double-dip recession.
“We have a 25 percent chance of a double-dip recession,” said Montag. He added that another double-dip recession could only result from “another outsize negative shock.”
Motag joined Bank of America Corp (NYSE: BAC)’s Merrill Lynch division in 2008 after working 22 years at Goldman Sachs Group Inc. (NYSE: GS). He spoke to investors on Wednesday during the firm’s annual Australia Investment Conference in New York.
Bank of America Corporation is a bank holding company, and a financial holding company. The Company is a financial institution, serving individual consumers, small and middle market businesses, large corporations and governments with a range of banking, investing, asset management and other financial and risk management products and services. Through its banking subsidiaries (the Banks) and various nonbanking subsidiaries throughout the United States and in selected international markets, it provides a range of banking and nonbanking financial services and products through six business segments: Deposits, Global Card Services, Home Loans & Insurance, Global Banking, Global Markets, Global Wealth & Investment Management (GWIM), with the remaining operations recorded in All Other. On January 1, 2009, the Company completed the acquisition of Merrill Lynch.
Shares of Bank of America Corp (NYSE: BAC) traded up 1.51% during mid-day trading on Wednesday.
