From the FINANCIAL TIMES:
The chief executive of Bank of America has predicted pretax earnings of $35bn-$40bn a year once its businesses recovered from the financial crisis.
At the biggest US lender’s first investor conference since 2007 on Tuesday, Brian Moynihan outlined his vision for the company in an era of higher capital requirements, new limits on consumer-banking fees and an absence of large acquisitions.
The lender would reach its pre-tax income target as each of its seven divisions return to “business as usual”, he said. Many, including investment banking, will get there by next year; others, such as the bank’s mortgage and deposit-taking arms, might not be fixed until 2013 or later…
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EDITOR: Taxpayers absorb losses; stockholders and executives reap profits. Some free-market capitatlism!
