The chief executive of Bank of America has said that his bank will not participate in what he anticipates will be a significant wave of merger activity as the economy stabilizes, according to Bloomberg.
Though CEO Kenneth Lewis predicted that industry consolidation would ramp up as the world economy regained its footing, he proclaimed that BofA was in no position to acquire further entities.
“Merger activity will pick up for others,” Lewis said in a speech yesterday. “At Bank of America, we’ve got enough on our hands right now.” Lewis has engineered over $120 billion worth of acquisitions since being named the BofA CEO, including the buyout of Merrill Lynch at the start of 2009.