Bank of America, with its enormous retail banking franchise, could be one of the big winners when interest rates really begin to rise. That, unfortunately for B of A, has yet to happen. Instead, the bank is still struggling to boost profitability in the low interest rate environment. CEO Brian Moynihan has instituted cost cutting plans dubbed “New BAC” and “Simplify and Improve,” but the company’s actual performance has only improved modestly. Moynihan may have to wait until rates rise before he can see the new new BAC.
News about Bank of America Corp.
A mix of old friends and companies that had spats with the incoming president.
Gains in investment banking were offset by weak trading revenue.
The bank beat Wall Street expectations on most metrics.
Videos about Bank of America Corp.
We're talking Linda McMahon, gender parity, and new pushes for diversity reports from activist investors. Tune in!
The has a plan for creating revenue growth
Brian Moynihan shares his thoughts.
But says improvements can always be made