BofA CEO Says War Fears Curb Borrowing
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Bank of America Corp. Chief Executive Kenneth Lewis said his biggest customers had curbed borrowing because of concerns about a possible war in Iraq.
“We’ve had a month of virtual paralysis waiting for something to happen,” he said.
Demand for loans by companies with annual sales of $10 million to $500 million, which began to firm up in October, came to a halt this year as the U.S. prepared for war, he said.
Shares of the Charlotte, N.C.-based bank fell 29 cents to $67.31 on the NYSE.
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