Photo: flickr: jbarreiros
Analysts attributed some of the good news in Bank of America’s latest earnings statement to one-time sales of big assets the bank held. Basically, unless the bank can cut costs fast enough to keep the business going on the revenue they’re taking in, there will be serious problems. In Dick Bove’s words, “Bank of America has to prove it can actually make money.”
But again, this is a time and asset issue, and today, according to the Charlotte Observer, the bank showed that it had more to sell.
Specifically, Bank of America will be putting Hearst Tower, a 46-story building in Charlotte, North Carolina on the auction block. From the Charlotte Observer:
“Real estate ownership is not a core business for Bank of America; therefore we are currently reviewing our portfolio and may make the decision to sell our ownership interest in certain properties,” bank spokeswoman Kelli Raulerson said. “After the sale, we will continue to lease space in these properties, and there will be no impact to employees.”
The building boasts a 3-story trading floor, one of the largest in North America. So who wouldn’t want to buy that, right?
Read more here: http://www.charlotteobserver.com/2012/02/01/2976507/bofa-to-sell-hearst-tower-other.html?utm_source=twitterfeed&utm_medium=twitter#storylink=cpy