US

Bank of America Nailed Earnings Partly Because It Cut Its Loan Loss Reserves

Anthony Polini of Raymond James was on CNBC this morning and chalked up Bank of America’s earnings to positive moves in the broader economy and active management.

  • 1:00 The economy is good, but Bank of America is managing itself well, and took a lot out of its loan loss reserves (JP Morgan and Bank of America have removed a $1 billion from loan losses)
  • 1:45 Bank of America close to getting back to even on its Merrill deal
  • 2:20 Feels this is just the beginning for the recovery, but suggests people need to start taking short term profits
  • 3:35 Low loan demand, housing still a problem
  • 4:00 Countrywide will eventually be seen as a good deal

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