Bank of American executives say it’s time for the Fed to raise rates , reports Jon Marino of CNBC.

If the Fed does not hike rates, it might put banks in a position of having to continue to cut jobs. Banks with large consumer deposit bases, like Bank of America, earn billions collectively through interest on accounts.

We would benefit from a more normal rate environment," Bank of America CFO Paul Donofrio said Wednesday at the Barclays Select Franchise Conference in London. "If rates would get there faster, it would help" boost the bank's returns.

If the Fed did not hike interest rates as planned, Bank of America would have some difficulty trying to match performance targets, says CEO Brian Moynihan, but added that the bank would still be capable of matching its objectives.

Moynihan, speaking last week in a CNBC interview, acknowledged the value of a 100- basis-point interest rate hike, and responded in the affirmative to a question on whether more cost cuts at his bank could come if the Fed doesn't increase interest rates.

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