BofA CEO 'intends to stay on'

11 August 2011

The chief executive officer (CEO) of the Bank of America (BofA) has revealed he has no intention of standing down from his post.

Brian Moynihan - who has been in charge of the largest US lender as it has endured a 43 per cent share dip in 2011 - explained the institute will also not be offloading its Merrill Lynch units.

The industry figure, in an interview with CNBC, noted that while BofA - which has been in operation for more than 200 years - may need to sell a number of business in order to bolster capital, this strategy will not apply to the Merrill Lynch services.

He observed these units are deemed far too important for the bank's customers, stating: "We're doing the right thing."

"We continue to drive the business. The franchise continues to perform. We built the capital base and we'll continue to do that," Mr Moynihan added.

By Asim Shah

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