Yes folks, Bank of America Corp. (BAC), the largest U.S. lender by assets, fell below $6 in New York trading as concern increased that the world is on the brink of another recession.
The bank dropped 15 cents, or 2.5 percent, to $5.97 as of 12:17 p.m. in New York Stock Exchange composite trading. Financial shares are under pressure as European regulators struggle to quell concern about the health of their lenders. Moody’s Investors Service cut long-term ratings on Bank of America debt last month, saying U.S. support has become less likely for troubled lenders.
Bank of America’s status as the largest U.S. lender makes the Charlotte, North Carolina-based company sensitive to slowdowns in the nation’s economy and drops in employment. CEO Brian T. Moynihan cited those matters at a Sept. 12 presentation, when he said “the environment will continue to be difficult.”
Talk about deep insight....
Read more at http://online.wsj.com/article/SB10001424052970204226204576598842318233996.html?mod=WSJ_business_whatsNews
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