Bank of America to Repay Bailout Funds

By returning $45 billion to taxpayers, with cash and new capital, the bank hopes to ease pay restrictions and clear the way to hiring a new CEO

(Bloomberg) — Bank of America Corp. (BAC), the nation's biggest lender, will repay $45 billion of government bailout funds, helping free the bank from U.S. curbs on executive pay that have hampered its search for a new leader.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.