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Bank of America CEO's Job Is Safe: Chairman

Thursday, 8 Dec 2011 | 2:54 PM ET

Chief Executive Brian Moynihan's job is safe, Bank of America Chairman Charles Holliday told CNBC Thursday.

Brian Moynihan
Fabrice Coffrini | AFP | Getty Images
Brian Moynihan

"Of course," Holliday said when asked directly about the embattled CEO. "Brian’s a great guy. It's been a real pleasure to work with Brian the past two years. He’s put things in place [and has] a great team there."

Moynihan's departure has long been the subject of market rumor based on the bank's low stock price, its mortgage problems from buying Countrywide Financial, and speculation it is undercapitalized, particularly in light of Warren Buffett's $5 billion investment back in August.

Another topic of rumor: whether Bank of America will sell its Merrill Lynch brokerage unit, which it bought in 2008. Holliday sidestepped this by saying, "I can't talk about potential capital actions."

Increasing America's Competitive Edge
Building strategies to keep America competitive and revitalize its manufacturing base, with Chad Holliday, Bank of America chairman of the board.

However, he said the two companies "fit very well together. If we just sell to our own customers we have a great growth opportunity here in the U.S."

He also wouldn't comment on any Bank of America dividend, saying it is "inappropriate for any company to speculate on a dividend" because that requires board action and, in Bank of America's case, government approval.

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