The bosses of some of the world’s biggest financial institutions have spoken in glowing terms about Donald Trump’s presidency ahead of his inauguration in Washington DC.

Speaking in Davos, a panel of bank chief executives said that Trump could herald the start of a new era of economic growth driven by a booming banking industry for the first time in nearly a decade.

Mary Callahan Erdoes, chief executive of JP Morgan Asset Management, almost struggled to contain her excitement at the prospect of a Trump administration: “The US economy will take off in a way that it hasn’t for many years. There has been a pendulum switch that will be very positive for US companies and should cascade to other businesses outside the US. It will be great for the next couple of years.”

Brian Moynihan, chairman and chief executive of Bank of America, said that there has been a “surge in consumer confidence and business confidence”, since the US election “and confidence is what drives economic growth”.

He said that mid-sized privately owned companies are already borrowing more and saying they are going to hire more people, “so the outlook is very good”.

Antonio Horta-Osorio, chief executive of Lloyds Banking Group, said Trump’s election bodes well for the banking industry’s prospects: “There is more optimism. He wants banks to have a bigger part to play in growth because banks are vital for a strong economy. They are the lifeblood of the economy.”