33 Things You Won't Believe Bank of America Did in 2013

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.


Read/Post Comments (2) | Recommend This Article (12)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On January 20, 2014, at 1:37 PM, mustane wrote:

    It is an interesting article but I would like to know the bottom line.Frankly I am not clear about the purpose of this article. Article states that BAC did 33 things in 2013 that the reader's likely wont believe ! As a reader I have no basis not to believe the factual data presented. It is good to learn about BAC since I have some stocks of this firm. However, I am more interested in the Fools recommendation and target price for the next month or so. Thanks.

  • Report this Comment On January 21, 2014, at 11:33 AM, bigalnc wrote:

    ....and we believe any of this because....??????

    Our regulation of banks, regardless of the label "consumer protection" is more accurately "industry protection"; our accounting regulations a shadow of their former effect, and audits no more than advertising creating by industry shills........

Add your comment.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2797463, ~/Articles/ArticleHandler.aspx, 12/20/2014 4:09:17 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement