Bank of America CEO Brian Moynihan said last month there was no need for the bank to be the biggest. Well, 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.
BofA reported total assets of $2.22 trillion, pushed down by Moynihan’s rounds of cost-cutting measures that included layoffs, branch closings and department spinoffs, according to Bloomberg.
It’s also fallen behind JP Morgan in deposits – with about $1.04 trillion worth of deposits at BofA compared to JP Morgan’s $1.1 trillion, NYT DealBook reported.
Bank of America’s fire sale might also have something to do with it.
JPMorgan’s assets, reported last Thursday, totaled $2.29 trillion.
The shift was already expected by many analysts.