Boston, MA, 11/22/2013 (wallstreetpr) – Brian Moynihan, the CEO of Bank Of America Corp (NYSE:BAC) is taking great efforts in selling off $60 billion of assets and settling $50 billion of mortgage claims. His stupendous efforts led BAC to concentrate on business and wealth management. The corporation grew by 26% contributing to revenue of $718 million.
Bank of America Corporation (NYSE:BAC) reported its 3Q2013 results with a net income of $2.50 billion. The net income was lower than the net income of $4.01 billion reported for the last quarter. The reduction in net income has led to decrease in earnings per share from $0.32 per share to $0.28 per share. When compared with the net income up to 3Q12, the net income has doubled up to 3Q13 totaling $7992. It was reported that Bank Of America Corporation (NYSE:BAC)’s assets have increased by almost 30% when compared to the beginning of the year.
Discontinuance of Investment proposals: Bank of America is not on the look out of any more acquisitions. Decision was backed by the on- going litigation in progress relating to the acquisition of Countrywide and Merrill Lynch.
Issue of Green bonds: One of the corporation’s moves to increase investor’s base and to support society is issue of $500 million green bonds for green and renewable energy projects. BAC said that the issue is to; cater to the needs of climate change, provide lower carbon solutions.
Brian Moynihan was quick to analyze that efforts to be taken for reducing cost relating to litigation, and operating expenses which consumed more than 82% of the revenue. The number of defaulting loans was reduced more than half during a time period of one year.
These aggressive efforts are expected to result in the increase in the revenue and net income for the next quarter. BAC is relying on technological advancements to ensure that the reduction in bank branches from 6100 to 5000; will not make the customers suffer.
Investors expect more such initiatives from the present CEO. The stock of Bank Of America Corporation (NYSE:BAC) jumped by 2.97% to close at $15.59 at the end of trading on November 21, 2013.
