Bank of America Made Money 80% of Fourth-Quarter Trading Days |
| BusinessWeek - Feb 25, 2011 |
Bank of America Corp., the largest U.S. lender by assets, made money on about 80 percent of trading days in the fourth quarter, trailing its biggest rival JPMorgan Chase & Co.
The bank disclosed its full-year trading performance yesterday in a regulatory filing, saying it recorded gains on 90 percent of days when the markets were operating in 2010. The Charlotte, North Carolina-based firm previously said it posted perfect trading records in the first and third quarters and said it made money during 81 percent of the second quarter.
Chief Executive Officer Brian T. Moynihan, 51, has leaned on the firm’s investment bank, most of which was acquired in the 2009 takeover of Merrill Lynch & Co., as the consumer banking units booked losses tied to new regulation and faulty mortgages. Bank of America said last month it experienced a “difficult” trading environment in the fourth quarter, while New York-based JPMorgan said it made money every day of that period.
Read Full Article from BusinessWeek
- Posted: 2011-02-25 22:16:32
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