UPDATE 1-Bank of America CEO sees no reason to cut dividend
ju4 wa4i dia4n zo1ng he2 ba4o da4o :\n  (Adds details on what Lewis said, background)\nBOSTON, June 2 (Reuters) - Bank of America Corp <BAC.N>\nChief Executive Officer Ken Lewis said on Monday the\nsecond-largest U.S. bank has no plans to cut its dividend.\n"You have to do what is in the best interest of the\ncompany, but we see no reason to cut the dividend," Lewis said\non a conference call with research analysts from Deutsche Bank\nand some Deutsche clients.\nThat view comes even after the company said first-quarter\nprofit tumbled 77 percent and several rivals have cut their\npayouts amid heavy losses triggered by the credit crisis.\nCitigroup Inc <C.N>, Wachovia Corp <WB.N>, Washington\nMutual Inc <WM.N> and National City Corp <NCC.N> have all cut\ntheir dividends this year.\nLewis also said the bank plans to return to its targeted 8\npercent Tier-1 capital ratio over time, stressing that\n"liquidity abounds in our company."\nHe defended paying $4 billion to take over ailing mortgage\ncompany Countrywide Financial Corp <CFC.N> as several analysts\nprobed him on the move, wondering if Bank of America was\njeopardizing its reputation with the deal and also whether the\nbank could not have begun originating loans on its own.\n"There is a risk to it, but we are not paying $22 billion\nfor it either," Lewis said, adding that the existing sales\nforce would give Bank of America a head start.\nThe takeover is scheduled to close in the third quarter.\nIn the coming years, Lewis is confident of delivering 6\npercent to 9 percent revenue growth, with the biggest growth\ncoming from retail banking.\nHe also said Bank of America is staying close to its roots\ninstead of expanding abroad as many rivals are doing. "We are a\nbet on the U.S.," Lewis said.\n(Reporting by Svea Herbst-Bayliss; Editing by Braden Reddall)\n((Svea.Herbst@Reuters.com; 1 617 367 4171; Reuters Messaging:\nsvea.herbst.reuters.com@reuters.net))\nKeywords: BANKOFAMERICA/DIVIDEND