Is BofA really good enough to get investors drooling again?
A few years ago, Bank of America (BAC) had fallen into an abyss as far as investors were concerned. But as Alex Jordan with Seeking Alpha reports, the mega bank managed to execute a turnaround strategy and is doing better in the eyes of a few investors. So how much better? Here’s his take on it:
“…CEO Brian Moynihan has taken steps to not only improve the bank's financial status but its perception to current and future customers. Two years ago, he launched a significant cost-cutting measure, trimming 11 percent of the workforce to create a leaner, but not necessarily meaner, institution. The company has been actively involved in settlement negotiations from its role in the mortgage collapse.”
Bank of America is also pushing forward with other customer- and investor-friendly efforts, such as a new model of personal banking, which is helping the country's largest lender in terms of assets look solid to investors as it enters the third quarter.”