Moynihan was speaking in New York at an investor presentation to the Barclays Financial Services Conference, according to a transcript of his comments from Reuters.

“For affluent wealthy customers and commercial clients, the strategy is straightforward. We are growing our market-leading positions through disciplined client relationship management to increase our wallet share in each of our customers and winning new customers through referrals from existing customers,” Moynihan was quoted as saying.

“Wealth management, on the other hand, continues to move along well. The combination of the Merrill franchise, the Merrill Wealth Management franchise, the US Trust franchise, and the premier banking investment franchise from Bank of America has come together nicely. This business will ebb and flow a little bit with the market levels on a given day, but the leading indicators continue to look strong,” he said.

“There are two key opportunities here. First, to get banking products to the Merrill customers who don’t bank with Bank of America, and second is to get investment products to the affluent Bank of America customers who don’t invest with Merrill. These are the two key opportunities,” Moynihan said.

Referring to a chart illustrating the business, Moynihan continued: “You can see that 60 per cent or more of our financial advisors have sold four plus financial products. Now remember each financial advisor has 200 clients. So there is still lots of room for them to continue to do this, even after these increases. And it is not the financial advisor; it is to wealth management bankers that we put in place to work with the financial advisor to help drive that penetration,” he said.