Bank of America stock gets the boost that it needed after Warren Buffet invested $5 billion in the company. This is following the news that Bank of America is in danger because of its collapsing stock on Wednesday.
The Bank of America is now under fire from shareholders and analysts because the injection of capital helped restore confidence in the company and helped the Wall Street firm attract other investments.
“Bank of America is a strong, well-led company,” Buffett said in a statement released by Bank of America (BOA).
“I am impressed with the profit-generating abilities of this franchise, and that they are acting aggressively to put their challenges behind them.
“Bank of America is focused on their customers and on serving them well. That’s what customers want, and that’s the company’s strategy.”