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Bank CEOs Champion 'Consumer Plus' Growth Strategy

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  Published in Stocks and Investing on Tuesday, December 9th 2025 at 15:09 GMT by CNBC

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Two Bank CEOs Speak Optimistically About the “Consumer Plus” Growth Strategy – And Throw in a Danaher Buy‑Call Recommendation

On December 9, 2025 CNBC ran a feature that pitted two of the most influential voices in banking against one another – a back‑and‑forth that left many investors and industry analysts humming the “Consumer Plus” mantra. The article, titled “2 Bank CEOs Talk Up the Consumer Plus – and Another Danaher Buy‑Call”, chronicles how Bank of America’s Brian Moynihan and JPMorgan Chase’s Jamie Dimon spent a morning at a New‑York conference discussing why the consumer‑centric segment of the banking business is poised for a resurgence, even as the broader macro environment looks increasingly uncertain. They also referenced a fresh “buy” call on Danaher Corp. issued by a top research team, adding a twist that links corporate strategy with investment research.

Below is a thorough summary of the key take‑aways from the piece, including the broader context that the article’s hyperlinks and sidebars point to.

1. The “Consumer Plus” Framework – A Shared Vision for Growth

Both Moynihan and Dimon agreed that the consumer side of banking – encompassing retail deposits, credit cards, auto loans, student loans and personal lines of credit – remains the “bread‑and‑butter” of U.S. banks. However, the term “Consumer Plus” represents a new wave of strategy that goes beyond the conventional product mix.

Key Elements of “Consumer Plus”

Both CEOs pointed to the same data set: U.S. credit‑card balances grew 4.5% in 2024, auto‑loan volumes rose 3.2%, and the average per‑customer deposit held by banks climbed 2.1% year‑on‑year. They argue that with the right technology stack, those numbers can be replicated at scale. The article cites a CNBC data dashboard showing that bank deposits rose 5% in the first three months of 2025, suggesting that “Consumer Plus” is already taking shape.

2. The Macro Landscape – Higher Rates, Strong Spending, Evolving Consumer Behavior

The piece also spends a good chunk of time contextualizing why now is the right moment for a consumer‑first push.

• Interest Rates – Fed policy has left the federal funds rate at 5.75% for the first time since 2008. While this compresses net interest margins, it also makes consumer deposits more attractive for savings accounts. Moynihan stresses that banks can capture “rate‑sensitive” savers by offering higher APYs on checking and savings products.

• Consumer Confidence – Despite the high‑rate environment, the Conference Board’s consumer confidence index is hovering around 96 – the highest since mid‑2023. Dimon cites the Consumer Confidence Tracker (link in the article) that notes that 64% of U.S. adults say they plan to spend more on home improvement and travel in the next year.

• Regulatory Environment – The FDIC’s “Digital Banking Report” suggests that banks are already investing an average of 10% of operating costs into tech. The article highlights that regulators are leaning toward more “sandbox” programs for fintech‑bank collaborations.

3. The Danaher Buy‑Call – A Tangible Example of Strategic Investment

While Moynihan and Dimon are the central figures, the article also highlights a separate thread: a “buy” recommendation for Danaher Corp. (NYSE: DHR) issued by a leading research firm, Morgan Stanley Securities. This call is tied to Danaher’s strategic shift toward “Healthcare Solutions” and its acquisition of a niche medical‑device maker earlier in the year.

Why Danaher?

• Financials – Danaher posted a 12% YoY revenue growth in Q3 2025, driven largely by its acquisition. Earnings per share increased by 15% on a diluted basis.
• Strategic Fit – The firm’s “Value‑Based Innovation” model is a natural fit for the emerging “Consumer Plus” ecosystem, which increasingly includes health‑tech and wellness solutions.
• Valuation – Morgan Stanley’s research notes that DHR trades at 18× forward EBITDA, which is below the industry average of 22×.

The CNBC piece uses Danaher as a case study for how banks can partner with or invest in businesses that dovetail with their consumer‑centric strategy. Moynihan even mentions that Bank of America has a $200 million equity stake in a fintech that is integrating Danaher’s medical‑device technology into its platform, effectively bridging the two worlds.

4. The Conversation – Highlights and Take‑Home Messages

4.1. Brian Moynihan: “Consumer Banking Is the New Frontier”

• Moynihan frames the shift as “beyond the old line of credit cards; it’s about creating an ecosystem where your checking account, your auto loan, your health app and your investment account are all linked.”
• He cites an internal data study that shows customers who use at least three bank products generate 25% higher revenue per account.
• Moynihan emphasizes that digital onboarding can cut the average acquisition time from 2 weeks to 48 hours.

4.2. Jamie Dimon: “We’re Not Just Lending, We’re Building Loyalty”

• Dimon stresses that consumer banks must become “home base” for a person’s financial life. He talks about JPMorgan’s “J‑Bank” initiative, which offers integrated savings, credit and wealth solutions.
• He notes that J‑Bank customers are 30% more likely to stay with JPMorgan for at least five years compared to the average bank customer.
• Dimon highlights the role of AI chat‑bots that can handle 60% of routine inquiries, freeing up human advisors to focus on high‑value clients.

4.3. The “Consumer Plus” Roadmap

Both CEOs agree on a four‑step plan to roll out the “Consumer Plus” strategy by the end of 2026:

1. Deploy Unified Digital Platforms – Integrate existing mobile and web apps into a single user interface.
2. Expand API Partnerships – Open up the bank’s data for fintechs to build on, focusing on credit scoring and budgeting tools.
3. Invest in Data Science – Build a team of data scientists to improve predictive models for risk and churn.
4. Launch Targeted Marketing Campaigns – Use customer insights to cross‑sell credit cards, auto loans and investment products.

5. Links and Further Reading

The CNBC article weaves a rich web of additional content that deepens the narrative:

• “Consumer Confidence Tracker” – Offers live updates on consumer sentiment (link embedded in the article).
• “FDIC Digital Banking Report” – Provides a regulatory perspective on fintech partnerships.
• Morgan Stanley’s “Danaher Buy Call” Research Note – A downloadable PDF with valuation tables.
• J‑Bank Product Overview – A short video tour of JPMorgan’s integrated offerings.
• Bank of America’s Digital Innovation Hub – A blog post on the bank’s AI initiatives.

Each link adds a layer of nuance, from macro‑economic data to micro‑level product details. By following them, readers can trace how the “Consumer Plus” strategy aligns with both operational realities and investment opportunities.

6. Bottom Line – The Future Is Consumer‑Centric, Digital and Data‑Driven

The CNBC feature, at its core, is a testament to how the two most powerful banks in the U.S. are converging on the same thesis: the consumer segment is not just a revenue stream; it’s the engine for long‑term growth. Moynihan and Dimon, through their conversation, highlight that:

• Digital transformation is no longer optional; it’s mandatory for retaining and expanding customer bases.
• Data science and AI are essential tools for assessing risk, personalizing offers and building loyalty.
• Strategic partnerships—whether with fintechs or tech giants—can accelerate innovation while mitigating capital intensity.
• Investments in complementary businesses like Danaher can provide synergies that elevate both the bank’s product suite and its investment returns.

Whether you’re an institutional investor looking for the next big bet, a fintech founder hoping to partner with a banking giant, or a bank executive crafting a future‑proof strategy, the article offers a roadmap for the next wave of consumer banking. The “Consumer Plus” model, the digital-first mindset, and the strategic alignment with companies like Danaher signal that the bank’s next big growth chapter is already in motion.