Bank of America CEO Brian Moynihan on Friday defended large banking companies, arguing they are needed to help multinational companies based here and the U.S. economy in general.

"While I may understand why people might question the value of large institutions these days, it seems misplaced," he said, according to prepared text, in a speech before the National Press Club. "Companies across our industry, my own included, made poor business judgments that certainly affected our economy, our customers, and the communities where we live and work. However, U.S. global financial services companies remain vital to the success of our customers fact. to the success in the countries we operate.including and especially the United States."

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