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Bank of America CEO Says ‘Capital Is There’ to Increase Payouts

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Jan. 17 (Bloomberg) -- Bank of America Corp. is in better position than last year as it seeks to pass regulatory tests that would allow the firm to increase dividends and resume share buybacks, according to its chief executive officer.

“The capital is there,” CEO Brian T. Moynihan said today during a conference call with analysts, without committing to any increase. “We’ve got to get through the process.”

Investors and analysts have speculated that Bank of America will boost its 1-cent quarterly dividend and start repurchasing shares after building capital levels and passing Federal Reserve stress tests later this year. The Charlotte, North Carolina-based bank, the second-biggest U.S. lender by assets, slashed the dividend during the 2008-2009 financial crisis as part of a federal bailout. The funds have since been repaid.

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To contact the reporter on this story: Hugh Son in New York at hson1@bloomberg.net

To contact the editor responsible for this story: Rick Green at rgreen18@bloomberg.net

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