Last week Wells Fargo and Citigroup announced better than expected earnings and now Bank of America says it earned $4.25 billion. I thought that the reason the taxpayer has given these banks billions of dollars was because they were in such bad shape? Read the post below and tell me what I'm missing here.-Lou
Bank of America net income tops $4 billion
NEW YORK (MarketWatch) --
Bank of America on Monday said it earned $4.25 billion, or 44 cents a share in the first quarter ended March 31. The resuls include the acquisitions of Merrill Lynch and Countrywide. Analysts expected earnings of 5 cents a share, according to a survey by FactSet Research. In the year-ago period, Bank of America earned 23 cents a share.
The Charlotte, N.C. financial services giant posted record revenue of $36 billion for the quarter. Merrill Lynch contributed more than $3 billion to its net income. Bank of America's tangible common equity ratio improved to 3.13%. The company extended $183 billion in credit in the first quarter and added $6.4 billion to its loan loss reserves
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what is bank of america's revenue model or business model?
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