BofA Chief Moynihan Says Lender Is ‘Again a Growth Company’
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Bank of America Corp., the largest U.S. lender by assets, should be viewed by investors as a growth company that “can be both big and good for our customers,” Chief Executive Officer Brian T. Moynihan said. The stock rose the most in more than two months, leading a bank-industry rally.
“We can generate significant excess capital and return it to shareholders,” according to a presentation Moynihan gave today for investors in the Charlotte, North Carolina-based lender. Normalized pretax income could range from $35 billion to $40 billion, the company said in a slide show accompanying Moynihan’s speech in New York. Some units may not reach normalized levels for two or three years, he said.