And then? BofA will be snapping necks and cashing checks.
“The bank has a wonderful underlying business -- it’s got lots of problems,” Buffett, 81, told Bloomberg Television’s Betty Liu today in an interview from the floor of the New York Stock Exchange. “The bet is, is Brian going to get rid of those problems?” Buffett said, referring to Bank of America Chief Executive Officer Brian T. Moynihan, 51. “It won’t take six months or a year; it will take much longer than that even. But the underlying business is doing fine.”
Moynihan, who has been in charge of the Charlotte, North Carolina-based bank since the start of 2010, should be given time to turn the firm around, Buffett said. “I don’t want him to step down,” Buffett said. “Brian, stay at work.”