How many of you have been keeping up with the big bank bailouts and wondering when your bank may be digging itself out of the trenches. We all need lower interest rates and banks to start naturally begin lending again. The trust that an individual places on his or her bank is a sacred bond that shouldn’t be taken lightly or for granted. Bank of America, which has been the leader in downward discussions, has made a grand announcement that could mean a change in the tide for customer benefits. The bank said that it clawed back to profitability in the first quarter after two consecutive periods of losses.
Now some banks have suffered more than others. Many of those very banks had to make huge layoffs and even resulted in closing their doors permanently. Bank of America also stated it had been struggling over the last year by suffering major losses in consumer loans and a costly merger with Merrill Lynch that sank its share price.
The bank’s much-maligned brokerage firm Merrill Lynch, has helped to offset continued losses from consumer loans, though those losses also narrowed. For the first three months, Bank of America reported net income of $3.2 billion, or 28 cents a share.
Total revenue was $32 billion, down 11 percent from $35.7 billion. Analysts polled by Thomson Reuters had expected revenue of $27.97 billion and 9 cents a share. Income attributed to common shareholders was $2.8 billion. If you are a Bank of America Customer do you feel this will personally effect your account or not?
