NEW YORK, Sept 8 (Reuters) - The global economy has a 25 percent chance of seriously worsening again, but it would take a major event to cause a double-dip recession, Bank of America's investment banking chief told investors on Wednesday morning.
'We have a 25 percent chance of a double-dip recession,' Thomas Montag, Bank of America Merrill Lynch's president of global banking and markets, said during a presentation.
But another double-dip would only result from 'another outsize negative shock' to the economy, he said.
Montag joined Merrill Lynch in 2008 after 22 years at Goldman Sachs Group Inc. He addressed investors and executives on Wednesday at the beginning of Bank of America Merrill Lynch's annual Australia Investment Conference in New York.
Bank of America shares were up less than 1 percent at $13.33 in morning trading.
(Reporting by Maria Aspan; Editing by Maureen Bavdek) Keywords: BANKOFAMERICA/ECONOMY (maria.aspan@thomsonreuters.com; +1 646 223 6394) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'We have a 25 percent chance of a double-dip recession,' Thomas Montag, Bank of America Merrill Lynch's president of global banking and markets, said during a presentation.
But another double-dip would only result from 'another outsize negative shock' to the economy, he said.
Montag joined Merrill Lynch in 2008 after 22 years at Goldman Sachs Group Inc. He addressed investors and executives on Wednesday at the beginning of Bank of America Merrill Lynch's annual Australia Investment Conference in New York.
Bank of America shares were up less than 1 percent at $13.33 in morning trading.
(Reporting by Maria Aspan; Editing by Maureen Bavdek) Keywords: BANKOFAMERICA/ECONOMY (maria.aspan@thomsonreuters.com; +1 646 223 6394) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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