BofA’s Moynihan Has ‘No Reason’ to Raise Capital, Bove Says
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Bank of America Corp., the U.S. lender that lost half its market value this year, has sufficient capital to weather mounting costs tied to souring loans, said Richard Bove, an analyst at Rochdale Securities.
“Bank of America has so much cash on its balance sheet that it could pay back all of its short-term debt and a big chunk of its long-term debt,” Bove said in an interview today on Bloomberg Television’s “InBusiness With Margaret Brennan.” “There’s no reason for the bank to have to go out and raise capital whatsoever.”