Bank earnings season is well under way, and there are 33 things Bank of America (NYSE: BAC ) did in 2013 that you likely wont believe.
1. Cut its branches by 6%, from 5,478 to 5,151.
2. Signed up 3.9 million new credit card accounts in the U.S. -- 653,000 more than last year.
3. Earned more in the fourth quarter ($0.29 per share) than it did in all of 2012 ($0.25 per share).
4. Grew its Consumer & Business Banking income by 19%, or $1 billion.
5. Cut its employees by 10%, from 267,190 to 242,117.
6. Maintained its No. 1 Global Research firm ranking.
7. Reduced its long-term debt by $26 billion, or 10%.
8. As a result, it paid out $2.6 billion, or 28%, less in interest expense on that long-term debt.
9. Underwrote $8.4 billion more mortgages than in 2012.
10. Brought in 15% more in Investment Banking income to hit $6.1 billion.
11. Grew its home equity loan production by almost 80% to $6.4 billion.
12. In total, saw its interest expense fall by $4 billion, to $12.8 billion.
13. Went from losing $3.7 billion in its mysterious "All Other" operations, to earning $487 million.
14. Saw its flows of assets under management double from $27 billion to $54 billion.
15. Delivered an average of $1 million in revenue per financial advisor.
16. Saw its client brokerage assets rise by $20.1 billion, or 27%.
17. Held a top three ranking in global high-yield corporate debt, Leveraged loans, asset-backed securities, investment-grade corporate debt, and syndicated loans investment banking deals.
18. Earned 1/3 more from its Wealth Management business in 2013 versus 2012 (a gain of $724 million).
19. Lost $1.3 billion less from its Consumer Real Estate Services segment.
20. Cut its mortgage loan servicing portfolio by $495 billion loans.
21. Delivered $7.3 billion more in net income to shareholders.
22. Had $500 million less revenue from its card operations.
23. Grew its share count by 6% as it issued 650 million more shares.
24. Added $9.2 billion in commercial real estate loans, bringing its balance to $42.6 billion.
25. Returned $5.8 billion more to the government than it did last year, paying out $4.7 billion in taxes, versus a $1.1 billion benefit last year.
26. Added $35.5 billion to its Consumer & Business Banking deposits, a gain of 7%.
27. Grew its cash balances by $20.6 billion, or 19%.
28. Only paid out $1.4 billion in interest expense -- equivalent to 0.19% -- on its $726 billion of deposits.
29. Added 2.4 million active mobile banking accounts, a gain of 20%.
30. Shrunk in size by $108 billion, or 5%.
31. Added $215 billion in client assets in its Wealth Management business.
32. Shrunk its Global Markets business assets by $56.5 billion, or 9%.
33. Despite shrinking in assets, Global Markets revenue rose by 11%, representing a gain of $1.3 billion.
The one bank worth buying
Bank of America had a wild 2013, but major changes could be under way for 2014. That's because there's a brand-new company that's revolutionizing banking, and it's poised to kill the hated traditional bricks-and-mortar banking model. And amazingly, despite its rapid growth, this company is still flying under the radar of Wall Street. For the name and details on this company, click here to access our new special free report.