BofA’s Moynihan Sees No Need to Sell Shares to Raise Capital
This article is for subscribers only.
Bank of America Corp. won’t need to sell common shares to boost capital as it works through demands from mortgage investors to repurchase loans that may have been poorly underwritten, Chief Executive Officer Brian T. Moynihan said.
“We can’t be forced to raise capital at an inopportune time,” Moynihan, 51, said today while in Boston for a presentation to banking analysts. It may take another two years to work through the loan buybacks that are offsetting gains in the bank’s other businesses, he said.