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Bank of America’s fourth quarter profit shrank as the lender took $3.7 billion in one-off charges on Friday, and its finance chief expressed optimism about the US economic outlook.
Bank of America Corporation got stung by lower interest rates in the fourth quarter, sending its profit down 4%, a trend that management expects to continue this year.
Bank of America Corporation (BofA) plans to recruit about 50 officials for its investment banking team in Asia this year. The bank pushes to bolster its deal-making business and shore up revenues from the unit.
Top US and European banks are facing tougher times in the riskiest parts of the loan market. The biggest US lenders, including Bank of America and Citigroup,