Moynihan Fights Fires at BofA Amid Book-Value Doubts

Brian T. Moynihan spent his first year as Bank of America Corp.’s chief executive officer putting out fires smoldering from the financial crisis. In 2011, he’ll do it all over again.

Since succeeding Kenneth D. Lewis on Jan. 1, 2010, Moynihan, 51, has struggled to stanch loan losses and a surge of litigation at the biggest U.S. lender while trying to mend relations with customers, regulators and investors. He paid $2.8 billion last week to government-owned companies Fannie Mae and Freddie Mac to settle claims the bank sold them defective mortgages, a major step toward resolving liabilities taken on with the 2008 purchase of Countrywide Financial Corp.