Many millennials may have a hard time believing this, but apparently the generation has a lot of money saved up.
This is according to Bank of America’s CEO who says the ones who bank with his bank have $200 billion saved.
CEO Brian Moynihan said customers ages 25-41 (which falls into the millennial generation) hold nearly $200 billion in deposit investments at his bank. In total the bank says it has 66 million customers and 16 million are millennials.
This is the very first time Bank of America has disclosed such a figure.
Veteran bank analyst Mike Mayo has said that millennials represent 40% of Bank of America’s sales.
“And so we are gaining share in that [millennial] class,” Moynihan said to analysts. “It’s because of the digital capabilities and all the things we talked about. Are they profitable? All our consumers basically are profitable. They represent the big part of our business today. The representation is currently outstanding.”
Disclaimer: We have no position in Bank of America Corp. (NYSE: BAC) and have not been compensated for this article.