As predicted another bank makes a profit for the first quarter of the year. Well ahead of expectations, Bank of America surprised Wall Street on Monday, reporting a whopping $4.2 billion. Passing up Wells Fargo's expected $3 billion. Financial Elite thought this would cause another surge in the market but, Bank of America's, as well as other stocks fell sharply in early morning trading as Bank of America warned of "deteriorating credit quality." Deteriorating credit quality should be a built in expectation as things are improving but, we are not out of the woods yet.
On a continued positive note Bank of America said it earned 44 cents during the quarter. A year ago, the bank reported a profit of $1.21 billion, of 23 cents a share.
Although, Bank of America's profits are not quite giving back to shareholders yet, Bank of America's associates are.
During Global Service Month in April, Bank of America associates will participate in environmental volunteer activities related to Earth Day, an internationally recognized event that promotes the importance of protecting the global environment. Earth Day is an opportunity to reinforce Bank of America's $2o billion, 10 year environmental initiative to address global climate change through lending, investing,, new products and services, operations, as well as philanthropic and volunteer support.
"Bank of America's commitment to strengthen the economic and social well-being of the community stems from the recognition that the success of our business is intrinsically linked with the health of the individuals and families we serve," said Andrew Piepier, Global Community impact executive. "As part of Bank of America's Global Service Month, associates have an opportunity to play an important role in improving neighborhoods through volunteerism aligned with the bank's environmental commitment."
Officially celebrated on April 22, Earth Day activities include raising awareness about climate change, helping to build environmentally sustainable housing, planting trees or flowers, and picking up trash from public spaces. Additional bank wide Global Service Month activities include hunger relief projects through a partnership with feeding America, financial education in conjunction with Teach Children to Save Day, and affordable housing in partnership with Habitat for Humanity.
No comments:
Post a Comment