Firms rely less on domestic workers

CHARLOTTE, North Carolina Mon Dec 6, 2010 3:55pm EST

Brian Moynihan, CEO of Bank of America is pictured at the congress centre of the Alpine resort of Davos, the venue of the World Economic Forum (WEF), January 30, 2010. REUTERS/Michael Buholzer

Brian Moynihan, CEO of Bank of America is pictured at the congress centre of the Alpine resort of Davos, the venue of the World Economic Forum (WEF), January 30, 2010.

Credit: Reuters/Michael Buholzer

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CHARLOTTE, North Carolina (Reuters) - Companies are not hiring in the ongoing economic recovery because they are relying less on domestic workers, Bank of America Corp Chief Executive Brian Moynihan said at an economic outlook conference on Monday.

Moynihan, head of the largest U.S. bank by assets, said during a panel discussion at a Charlotte Chamber of Commerce economic outlook conference, that U.S. companies increasingly have manufacturing operations overseas, or rely on international markets for growth.

"They've been de-linked," Moynihan said, referring to companies and American workers. "(Companies) have been able to recover without employing additional people in the United States."

Moynihan said he expects the economy to continue recovering, and reiterated his view that he does not project a double-dip recession.

However, he said recovery will be a "long, steady pull" that is unlikely to hit growth rates seen before the 2008 financial crisis for some time.

(Reporting by Joe Rauch, editing by Maureen Bavdek)

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