Bank of America’s Moynihan Says Worst of Recession Has Past

Bank of America Corp. Chief Executive Officer Brian T. Moynihan, in his first week leading the largest U.S. lender, said the worst of the recession and its biggest acquisitions are finished.

“As an industry, we overlent and customers overborrowed,” Moynihan, 50, said today during an interview on Bloomberg Television in Raleigh, North Carolina. “If you could rewind the clock, you wouldn’t do those things again,” he said.

Moynihan became CEO after Kenneth Lewis, 62, retired on Dec. 31 from the Charlotte, North Carolina-based bank. Moynihan and the company were freed from extra government scrutiny when Bank of America paid back $45 billion in bailout funds last month. Still, the Obama administration is pressuring bankers to make more loans while Moynihan is trying to stanch losses from existing credit card and mortgage debts.

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- Posted: 2010-01-04 11:15:45

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