BofA’s debt cuts leave 3-year capital cushion

BANK OF AMERICA expects to use consumer deposits to fund operations for the next three years, thanks to an aggressive debt-reduction program it has undertaken. / BLOOMBERG NEWS FILE PHOTO/DAVID PAUL MORRIS
BANK OF AMERICA expects to use consumer deposits to fund operations for the next three years, thanks to an aggressive debt-reduction program it has undertaken. / BLOOMBERG NEWS FILE PHOTO/DAVID PAUL MORRIS
CHARLOTTE, N.C. - Bank of America Corp.’s record $53 billion reduction of long-term debt in the second quarter will help the lender go three years without needing to tap the bond market, the biggest cushion in its history. Bank of America said this week its long-term debt fell to $302 billion as improving loan performance…

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