Financial Stocks Have A Huge Day As Bank Of America CEO Blows Them Away

Brian Moynihan Bank Of America

Bank stocks are surging today led by Bank of America’s over 4% price jump.

Bank of America held its annual investors conference today and announced bullish plans for growth in 2011 and beyond.

  • CEO Brian Moynihan announced his intention to return profits to shareholders via new dividends and stock buybacks
  • He claims the company could earn as much as $40 billion in the next few years
  • The firm plans no new acquisitions.
  • The company’s global wealth division is on pace to grow as much as 7% this year

Moynihan did admit, however, that the company’s profits are still being impacted by costs left over from foreclosure and the financial crisis.

Other bank stocks rallying today:

  • Citi up 2.5%
  • Wells Fargo up 2.3%
  • JPMorgan up 2.9%
  • US Bancorp up 3.2%

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