Get Quote: BAC
Financials: Latest Results
Bank of America executives may well remember 2011 as the year of the $5 debit fee. To make up for lost revenue due to new bank regulations, the Charlotte, N.C.-based bank instituted a $5 monthly fee for customers using debit cards. The move sparked a consumer revolt, even as other banks followed suit. Just about a month later, BofA succumbed to the pressure and backed off its new fees. BofA shares took a nosedive in 2011, down 60%, before rebounding earlier this year. The bank still faces a litany of lawsuits, mostly relating to mortgages at its Countrywide business unit. In September the company announced plans to eliminate 30,000 jobs, or 10% of its workforce. So far the cost-cutting seems to be helping -- in the second quarter of this year, Bank of America reported that net income more than doubled from the same period last year. |
Industry: Commercial Banks
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Headquarters
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| Rank # of Fortune 500 Companies | |
|---|---|
| California | 53 |
| Texas | 52 |
| New York | 50 |
| Company | Rank |
|---|---|
| 73 | |
| NetApp | 474 |
| NuStar Energy | 377 |
