Bus 101 BAC summary

Bus 101 BAC summary - Nicholas Connolly Bus 101 Dr. Barr...

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Nicholas Connolly Bus 101 Dr. Barr 2/5/2009 Bank of America CEO Says Results are ‘Encouraging’: Summary Bank of America’s CEO Kenneth Lewis told his employees that his management team concluded that January results were “encouraging” due to the credit markets coming back. Lewis and the rest of BAC’s board reported that their business models and strategies put them in a very secure spot for the upcoming year. Bank of America is taking full responsibility for their decisions and understands that whatever happens with the company rests on their shoulders. Bank of America is the biggest U.S bank by assets, but they lost $1.8 billion in the last fourth quarter. This tremendous loss is a result from writedowns of securities backed by bad mortgages, and defaults on loans that they gave out to bad consumers and businesses. Credit is still the main issue for most banks including BAC. The company plans to fix their problems by saving $7 billion through the Merrill Lynch merger, cutting
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