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BofA Chief Moynihan Says Fiscal Cliff Already Cuts Into Economy

Nov. 13 (Bloomberg) -- Effects of the “fiscal cliff” debate looming over the U.S. budget are already being felt as commercial customers at Bank of America Corp. put off purchases, Chief Executive Officer Brian T. Moynihan said.

Businesses are holding back on buying capital goods until the outcome of negotiations becomes clear, Moynihan said today. The CEO made the remarks at a New York investor conference sponsored by the company. Moynihan’s bank ranks second by assets in the U.S. and is based in Charlotte, North Carolina.

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