Bank Of America Earnings Report: Bank Sees $6.2 Billion Profit

Bank Of America Earnings Report: Bank Sees $6.2 Billion Profit

www.huffingt onpost.com

Bank of America earned billions of dollars in profits last quarter, even as banking officials expressed concern recently about the effects of new regulations on their bottom line.

The bank reported third quarter gains of $6.2 billion, compared to a $7.3 billion loss during the same quarter last year. The boost in profits came largely from an accounting gain and the pre-tax benefits from the sale of its stake in a Chinese bank.

(visit the link for the full news article)

Good thing they introduced the 5 dollar fee for your debit card it looks like BOA might go broke only 6.2 billion in profit what ever will they do? Way to stick it to the consumer and pawn it off like you need to our you will go belly up! I say we finish this bank off everyone close their accts or zero them refinance your mortgage to another bank if BOA holds it so you take your interest away from them too (i dont recommend not paying they get real uppity about it)

www.huffingt onpost.com
(visit the link for the full news article)

reply to post by Immune


I do not think there has been enough time to see the results of the 5 dollar fee.

Give it another month and then lets look at their bottom line. Hopefully it will be red.

It shouldn't be called "Bank of America" it should be called "Bank of Moynihan" with pic of Brian Moynihan next to it saying " All your money is now mine... Hahaha hahaha"

I have never trusted a bank and I never will.

reply to post by Skewed


Yeah they started the fee after the end of the third quarter so its not included in this figure but it does make me wonder why they need the fee if they have 6 billion in profit that would be like the oil companies charging me 5 dollars before i even got gas its outrageous.

reply to post by Immune


According to Wiki, they have 288,000 employees. That is $21,587 per employee. Now the main bank managers, loan officers and executives already have bonus plans, so what about all the Admin and Tellers? Does anyone think the bank will send out big bonuses to those hard-working serfs?

reply to post by getreadyalready


Actually (dont take this wrong i HATE BOA) i have a buddy who works the call center for them his bonuses are not bad he averages 700 dollars of bonus every month chump change compared to the exec bonuses but still for a working man its not bad in all honesty i would rather have the exec's though

And according to my friend BOA is the worst bank to work for at least call center type work

That's about 5%, surely not unreasonable. In 2010 BofA's income was $111 billion with a net LOSS of 2.2 billion. These figures represent a single quarter and show they are still behind, on a quarter basis, over $1 billion compared to last year. In terms of percentage of profit, Bank of America is nowhere near the top either of banks themselves or of industries. When you look at something like Apple Copmputer, for example, the profit is something close to 30%. Big Pharma is 16%. Mining is 23%. BofA's price to earnings ration is about 7.0 where the industry average is double that. Their performance is nothing to envy.

Of course, you occupiers who believe corporate America ought to pay you to breathe air won't like that.

reply to post by Immune


Hey $700 a month isn't too bad!! I work for the gov, my pay gets cut twice per year, LOL!! They are currently talking about a 3% raise, but they just added a 3% charge for retirement contribution, so a 3% raise almost gets us back to last years pay.

reply to post by schuyler


While i understand your point look at the third quarter last year ".....compared to a $7.3 billion loss during the same quarter last year." (from the article cited above) i would say they are better off than last year by about 13 billion last year the debit and low acct value fee would have made sense but not when posting profits like this i dont suppose you support the tax breaks for big oil do you? because in the 90's they were hurting when gas was a dollar a gallon. yes BOA profits are down compared to previous years profits before the resession but welcome to the new economy you cant judge a company on past performance anymore the whole climate has changed we need to start looking in the now so they lost 2.2 billion last year looks like they made it up plus some change with this quarter alone.

reply to post by Dagar


Let it out come on..... everyone else is doing it....... you know you want to.......... it will impress the ladies..........insert another cliche here.... let the rant loose it will make you feel better every rant has a point though sometimes they are obscured by emotion but a point none the less

reply to post by getreadyalready


I feel ya, we get a 3% raise and yearly parking passes go up 4%.

Originally posted by Immune
reply to post by Dagar

 

Let it out come on..... everyone else is doing it....... you know you want to.......... it will impress the ladies..........insert another cliche here.... let the rant loose it will make you feel better every rant has a point though sometimes they are obscured by emotion but a point none the less

Naaagh!! ... I went into one regarding a previous poster labelling banking as an 'industry' ... There was lots of ranting about leeches and parasites, and real industries that actually produce something. Real industries with real infrastructures and resources and expenditures, as opposed to some overpaid idiot sitting in front of a computer and adding a few more 0s to a balance sheet.

... it sort of went downhill from there ... so I deleted it

they really need that debit card fee..... Yay BofA

reply to post by schuyler

Of course, you occupiers who believe corporate America ought to pay you to breathe air won't like that.

I don't think I have heard them calling for this, but please if you can post a link that would be helpful.

The thing is as long as Government is stacked in favour of the richest, we will continue to see large profits from these institutions.

In years gone by we would probably be applauding profit margins like this. But, when they encountered a few issues and brought their subsequent states to the brink of financial collapse where WE the people have had to bail them out, well this kinda just sticks in the back of the throat.

I appreciate that hard working people have made their money and I can appreciate that some people think they shouldn't be taxed anymore than their serfs. However, many of these people have trampled over many to get to the top, whilst others have just been lucky.

Years ago, we never had such resent for the rich businessmen. They were the risk takers who built large factories that employed our Grandparents and Parents. They made the goods that were bought by the same/similar people they employed. Everyone was grateful to these businessmen. Unfortunately, many of these companies became multi nationals and decided to snap up their competitors and look at ways of reducing production costs because hey, where money is concerned, when is enough ever enough?

Well, I think we are witnessing the birth of a movement from the people on the receiving end and they are certainly suggesting enough is enough.

Originally posted by Immune

Bank Of America Earnings Report: Bank Sees $6.2 Billion Profit

www.huffingt onpost.com

The bank reported third quarter gains of $6.2 billion ...

This is outstanding news citizens.

The banks are profitable and the economy is recovering.

Oceanias war with Eurasia is progressing as planned, the inner party will be pleased with your efforts to help keep the war going.