Bank of America CEO: We Can Deliver Significant Excess Capital
At an Investor Day presentation, CEO Brian Moynihan said:
“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 bank. Normalized pretax income could range from $35 billion to $40 billion.”
That’s a far cry from CEO-speak during the economic crisis when banks were slashing dividends, raising capital, and doing everything possible to stay afloat.
Bank of America (NYSE:BAC) shares are up over 3% on the upbeat comments.