TMC Newsroom With Jessica Kostek - 11/21/08
Bank of America Statement on Federal Reserve's 2020 Comprehensive Capital Analysis and Review
Bank of America today commented on the results of the Federal Reserve's 2020 Comprehensive Capital Analysis and Review (CCAR). The company continues to be well capitalized and able to serve clients, communities and businesses, even during times of severe economic and financial market stress.
"Our decade-long focus on Responsible Growth has put us in a strong position to support consumers and businesses with capital and advice, while continuing to strengthen communities and deliver returns to shareholders through the economic cycle. This annual regulatory review, conducted since 2009, provides evidence to support that," said Bank of America Chairman and Chief Executive Officer Brian Moynihan.
Preliminary stress capital buffer set at 2.5%
As of March 31, 2020, Bank of America's CET1 ratio was 10.8%, which would equate to approximately $20 billion in CET1 capital above the new required minimum if it had been in place on March 31.
Outlook for 2020 capital distributions
These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and are often beyond Bank of America's control. Actual outcomes and results may differ materially from those expressed in, or implied by, any forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks discussed under Item 1A. "Risk Factors" of Bank of America's Annual Report on Form 10-K for the year ended December 31, 2019, under Part II, Item 1A. "Risk Factors" of Bank of America's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and in any of Bank of America's other subsequent Securities and Exchange Commission filings.
Bank of America