Bank of America said it will receive a $5bn investment from Berkshire Hathaway as doubts built in recent days about the bank's capital position.

"Bank of America is a strong, well-led company, and I called Brian to tell him I wanted to invest in it," Berkshire Hathaway chairman and chief executive Warren Buffett said, referring to Bank of America chief executive Brian Moynihan. "I am impressed with the profit-generating abilities of this franchise, and that they are acting aggressively to put their challenges behind them."