Bank of America’s Capital Markets Gambit Is Bid to ‘Be in the Game,’ Mayo Says
- CEO Moynihan signals seriousness to Wall Street, analyst says
- Bank is in the top five, Mayo says, but not part of Big Three
Bank of America Tower in New York.
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Wells Fargo & Co. analyst Mike Mayo said Bank of America Corp. is signaling to Wall Street that it’s serious about competing in capital markets with Chief Executive Officer Brian Moynihan’s plan to invest more in its trading business.
“My initial reaction is, ‘Wow, this is Brian Moynihan the CEO, the person who’s been so risk-averse to protect the franchise while executing very well,’” Mayo said Tuesday in a Bloomberg Television interview.