BofA Doesn’t Need to Raise Capital, CFO Thompson Tells Nomura
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Bank of America Corp., the largest U.S. lender, won’t need to raise extra capital to meet new international standards, Chief Financial Officer Bruce Thompson told Nomura Securities International analysts.
The bank will be able to comply by cutting expenses, selling assets and letting some holdings decline naturally as they mature by the time the rules become fully effective, Thompson said in a meeting with analysts led by Glenn Schorr in New York. The largest global banks are required to set aside extra funds under rules from the Basel Committee on Banking Supervision that will be phased in between 2013 and 2019.