LONDON — Bank of America Corp.'s Chief Executive Friday reiterated he doesn't think the bank needs to make new acquisitions.
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Asked in an interview at the World Economic Forum in Davos, Switzerland, whether the bank intended to join a new consolidation in the sector, Brian Moynihan told Bloomberg TV: "I don't think we need to buy anything."
Bank of America acquired mortgage lender Countrywide in 2008 but the deal led to extensive losses at the financial institution.
Moynihan also told Bloomberg the European economy "has moved forward" but that governments must figure out a way to have a balance with regulation on the financial sector. He said growth in loans would remain slow in line with the rest of the economy.
