Brian Thomas Moynihan, Bank of America’s CEO has faced another trial in his abilities as a cross cutter and problem fixer and yet managed to prove his undeniable skills. On Thursday, the bank has stated an increasing volume on mortgage lending and a decrease in the expenses. This is an intermediate sign that the bank has indeed moved past the effects of purchasing Countrywide Financial.
The results for the fourth quarter earnings of the bank have highlighted the extreme scale of the problems that remains. There was a deflation in the total profit of the bank that goes about 25 percent due to a decreasing number of client banking and other charges that the bank settled. What the bank have discovered is the way to get out of the quick sand of troublesome home loans. What it needs to discover is how to grow after all.
It was said that Moynihan have a minimal experience only when it comes to increasing gains. He may have made his way to be known as a problem solver in the past as he fixed few branches of Bank of America, however, this is considered as a very different challenge with a higher difficulty rate.
Moynihan is exerting effort to slowly resolve this issue as he laid out plans together with Financial Officer Bruce Thompson aiming to gain new business which includes their plans to hire mortgage loan officers.
Profit may have deflated in the fourth quarter for consumer banking but the bank has managed to get an increase in the global banking and other fields.
Moynihan have expressed its drive to keep on with his strategies and strengthen the company’s earnings. He still has time and the investors support beside him.
It was also revealed by one of the executives working with Moynihan that his plans focuses on cleaning up the mess from the past, cutting the expenses while patching up lost capital.
Now, they are surely back in their feet and would be able to continue reclaiming their lost glory as the number one mortgage lender in the entire nation