opinion

Do you think that Bank of America and its peer institutions have turned a corner?


By PBN Staff
Posted 4/21/09

Bank of America reported net income that more than tripled from the first quarter a year ago, but the markets did not seem to be impressed, as the country’s largest bank lost a quarter of its value on the New York Stock Exchange yesterday.

Investors were concerned that the quality of the bank’s loans were still deteriorating, as evidenced by the large increase of charge-offs and provisions for loan losses.

The question is whether large banks such as Bank of America, Citibank and Wells Fargo are still a long way off from being out of the financial woods.

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