Meredith Whitney Knows This BAC Situation Might Hurt But 'Hold On' And Let The Pain Wash Over You


Chief Executive Officer Brian T. Moynihan is “the right guy for the job,” said Whitney, 41, who started New York-based Meredith Whitney Advisory Group LLC in 2009. Bank of America, based in Charlotte, North Carolina, probably won’t need to raise capital in the public markets, and shareholders should “hold on,” Whitney said. Bank of America has lost more than half its value on the New York Stock Exchange this year. Moynihan, 51, has said repeatedly that the company won’t need to issue shares to comply with new international capital standards. Bank of America has sold more than 20 assets or units since Moynihan took over last year. “They’re biting into the marrow of the institution to raise capital,” Whitney said. “They’re selling some crown jewels.” [Bloomberg]