BofA CEO - 'I say stay the course'

Brian Moynihan Davos 2013 Pic

Bank of America CEO Brian Moynihan said that even if Wall Street reforms were scaled back by politicians, he wouldn’t change how he runs the company, including the extra capital the firm holds.

'We made all these rules, we’re not even done in terms of implementation, I say stay the course', Moynihan, 56, said in a Bloomberg Television interview with Erik Schatzker that aired Thursday. 'It’s made the industry tremendously more' safe and simple.

Bank lobbyists and Republicans have pushed to erode provisions of the Dodd-Frank Act since it was signed into law by President Barack Obama in 2010. Some aspects of the legislation, such as the Volcker Rule against proprietary trading, are consistent with the strategic overhaul Moynihan made since taking over as CEO, he said. 

Hit the link below to access the complete Bloomberg article:

BofA's Moynihan Says `Stay the Course' With New Financial Rules

Cost-Cutting Rules in Banks' Third-Quarter Results

 

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