Bank of America (BAC) Gets an Unlikely Fan
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Bank of America (NYSE: BAC) has an unlikely fan.
Popular bank analyst Meredith Whitney said there isn't a "mad dash" need for BofA to raise capital.
Speaking in an interview on Bloomberg's TV, Whitney said, "I don't think that there's a mad dash to raise capital immediately. They're going to steadily raise capital over time."
"They're biting into the marrow of the institution to raise capital," Whitney said. "They're selling some crown jewels."
Whitney also said CEO Brian Moynihan is the right man for the job.
She said shareholders that have suffered massive losses should just "hold on."
Shares of BofA are down 0.6 percent in pre-open trading Wednesday to $6.26.
Popular bank analyst Meredith Whitney said there isn't a "mad dash" need for BofA to raise capital.
Speaking in an interview on Bloomberg's TV, Whitney said, "I don't think that there's a mad dash to raise capital immediately. They're going to steadily raise capital over time."
"They're biting into the marrow of the institution to raise capital," Whitney said. "They're selling some crown jewels."
Whitney also said CEO Brian Moynihan is the right man for the job.
She said shareholders that have suffered massive losses should just "hold on."
Shares of BofA are down 0.6 percent in pre-open trading Wednesday to $6.26.
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