Arab Today, arab today bank of america posts 14 bn profit amid asset sale
Last Updated : GMT 04:45:38
Arab Today, arab today
Arab Today, arab today

Bank of America posts $1.4 bn profit amid asset sale

Arab Today, arab today

Arab Today, arab today Bank of America posts $1.4 bn profit amid asset sale

New York - AFP

Bank of America on Thursday said it had posted a $1.4 billion profit in 2011, wiping away a brutal loss the year before amid savage streamlining of the firm. \"We enter 2012 stronger and more efficient after two years of simplifying and streamlining our company,\" said Chief Executive Officer Brian Moynihan, announcing a swing away from the $2.2 billion loss seen in 2010. The bank -- one of the most prominent in US towns and cities -- said it had generated $34 billion in proceeds from the sale of \"non-core assets and businesses,\" cash used to shore up the bank\'s balance sheet. One big-ticket item was the sale of shares in the China Construction Bank (CCB). In August the struggling US banking giant sold roughly half of its 10 percent share in the company for $8.3 billion, strengthening its capital base and better implementing tougher standards imposed by global regulators. In the fourth quarter, $2.9 billion more was gleaned from the sale of CCB shares. In a sign that the ripple effects of the 2008 financial crisis are not yet in the rear-view mirror, the firm spent $1.5 billion on \"mortgage-related litigation expense\" during 2011. Bank of America has struggled to recover from the 2008 financial meltdown and its disastrous acquisition of troubled mortgage lender Countrywide Financial, which has resulted in lawsuits after the crash of the US housing market. Investors had been dumping the US bank\'s stock amid fears that its legal woes and the sluggish US economy would prevent it from raising enough capital to meet new regulatory standards imposed after the financial crisis. But Moynihan indicated the broader economic outlook was brightening for the Charlotte, North Carolina-based bank. \"Reflecting a gradually improving economy,\" said Moynihan, \"we saw solid business activity by companies of all sizes (during the fourth quarter).\" In that quarter the company posted profits of $2.0 billion versus a loss of $1.2 billion in the same period a year before.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bank of america posts 14 bn profit amid asset sale Arab Today, arab today bank of america posts 14 bn profit amid asset sale

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 21:49 2017 Thursday ,16 February

Scientists develop new therapy

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday