Updated Friday, October 31, 2014 as of 9:14 PM ET

BofA Chief Optimistic on Outcome of Fiscal Cliff Talks

Bank of America Corp. Chief Executive Officer Brian T. Moynihan said hes encouraged by the tone of discussions in Washington designed to avert the so- called fiscal cliff.

Im more optimistic by everything Ive read, Moynihan said today in London during a Bloomberg Television interview. Lawmakers are taking the matter very seriously, he said.

Moynihan, 53, told investors this month that businesses have delayed capital spending until the outcome of the fiscal cliff negotiations in Washington becomes clear. The term refers to a package of tax increases and spending cuts that begin taking effect in January unless Congress comes up with a new budget plan.

Bank of America shares gained 70 percent this year as of 11 a.m. in New York, the best showing in the Dow Jones Industrial Average. The bank ranks second by assets in the U.S. and is based in Charlotte, North Carolina.

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