Banking & Finance

BofA's New CEO Brian Moynihan: No More Acquisitions (BAC)

Bank of America Corporation (NYSE: BAC) is still well under 100 hours of announcing that Brian Moynihan would replace Ken Lewis as CEO of the largest US bank by domestic deposits.  CNBC’s Maria Bartoromo just got a sit down interview with Brian Moynihan and asked the question everyone wanted to know about acquisitions versus divestitures.

Bartoromo noted that the last decade has been a period of monumental acquisitions for B of A, and she asked Moynihan if the next decade would be one of divestitures or further deals.

Moynihan did not at all give any indications whatsoever that Bank of America was going to embark on a self-imposed break-up or any dealings in or out of a Glass-Steagall age nor that the bank was going to actively sell off or close down operations.

And on acquisitions, Moynihan said that Bank of America operates in every unit it wants to be in.  Now it is time execute.  He said he does not see any deals nor the need for deals.  That might not be an outright promise of ZERO in M&A down the road under any circumstances in the future, but Moynihan sounds a lot like he wants to work well within the framework of the bank as it stands today.

JON C. OGG

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