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Bank Of America (BAC) Says Prospects Improve

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By Douglas A. McIntyre Published
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Bank of America (NYSE: BAC) CEO Brian Monihan says that his company’s prospects have improved. He claims third quarter results are better than plan. The bank, like other large US peers, have begun to prepare for Federal Reserve stress tests early next year.

Monihan’s claims may fall on deaf ears. His claims that he will turn the bank around have not materialized. After a statement that the bank was OK, the took $5 billion from Warren Buffett, a sign that all was not well.

Bank of America also sold its share in China Construction Bank which yielded it over $6.8 billion. Even these amounts have not been enough to lessen concerns of shareholder who consider the banks mortgage exposure toxic.

B of A’s share prices is still down by nearly 60% this year to just above $5. The shares of its peers are not off nearly as much. There are few faithful investors left for the bank on Wall St.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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