Bank of America CEO Brian Moynihan said last month there was no need for bank to be the biggest.
According to Bloomberg’s best he got his wish. BofA just kicked itself to number two.
After reporting a $6.2 million profit this morning - inflated by accounting gains and asset sales, the Charlotte-based bank is now second to JP Morgan in terms of asset size.
JPMorgan's total assets increased 1.9 percent in the third quarter to $2.29 trillion as of Sept. 30, while Bank of America reported today a 1.8 percent decrease to $2.22 trillion. San Francisco-based Wells Fargo & Co. was the largest by market value as of yesterday's close on the New York Stock Exchange.
Bank of America became biggest by assets under former CEO Kenneth D. Lewis through acquisitions, including credit-card issuer MBNA Corp. and home lender Countrywide Financial Corp. Both were the largest in their industries and later triggered writedowns that contributed to six quarterly losses since mid- 2008 at Charlotte, North Carolina-based Bank of America….
Read more at http://news.businessweek.com/article.asp?documentKey=1376-LOJGKG6S972F01-2G2EQSAMBKRBQ6KLI6JAOE2PR
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