Dallas, Texas 11/14/2013 (Financialstrend) – Bank of America Corporation (NYSE:BAC) is a S&P 500 index tracked banking behemoth which offers its customers through its various entities services like banking, credit, investment, asset management and credit cards. It operates via four independent divisions aligned with banking, real estate, global banking operations and investment management. Readers should also note that it also completed the amalgation of subsidiary of Merrill Lynch & Co., Inc. into its operations in October this year.
The stock of Bank of America Corporation (NYSE:BAC) posted a neat 2.23% increase in its market value during trading on November 13, thanks to pep talk from its Chief executive officer Brian Moynihan. Here is a snippet of his pep talk, “We’re coming out of the harbour and it’s time to take this huge battleship to cruising speed. He has called out “consumer credit cards” to be one of the primary drivers of growth and highlighted that his bank had issued more than 1 million credit cards in the previous quarter which ended on September 30. He commended his sales force for accomplishing the big surge in new cards by cross selling and up selling into its existing user base and thereby reducing the cost of marketing. He also had a piece of advice to his staff and fellow bankers. He said he was cautiously optimistic about the economy and expected his customers to continue spending, until or unless “the analysts and banks do not talk them out of spending”.
These positive outlook from the Bank of America Corporation (NYSE:BAC) boss can be attributed to the continued efforts of the banking behemoth to put the unsavoury past from the 2007 financial crisis behind it by trying to settle claims from the likes of Freddie Mae over caustic mortgages it had dumped on it prior to 2008.
