The ever increasing volatility in the market has shown its effect on Bank of America Corp (NYSE:BAC). As per the reports, BoA has earned 27 cents per article versus 29 cents per article estimates. As per the reports, Wall Street was the one that expected Bank of America to earn at least 29 cents a share or $21.51 billion in quarterly revenues, but it couldn’t fulfill the expectations.
Insights On The Matter:
It has been on target since the financial crisis that took place a few years ago. Due to the financial crisis, hundreds of businesses became insolvent. The national government had been running various investigations on the company since then. As per the reports, it had to pay as much as $16.65 billion to the government to end the investigations over its role in the financial crisis. Incidents like this are hard to forget. According to Eric Holder, U.S. Attorney General, this type of cases cannot be included in the normal course of business. It was a historic resolution and would be remembered for many decades to come due to the money involved in it.
If taken into consideration the last 12 months or so, Bank of America Corp (NYSE:BAC) hasn’t been able to live up to investor’s expectations. Its shares have plunged overall 1.5% in the last 12 months, which is not something it would have anticipated after paying billions of dollars in the settlement with the government. Reporters tried to know the response of Bank of America’s management over this below expected financial performance in the previous quarter, but nobody could be expected.
The market experts claim that if the company doesn’t take any revolutionary step in the near future, then things will continue to revolve around this situation only. The next few months are crucial for the company and will decide its financial direction for the rest of the year.