Bank of America chief executive Brian Moynihan has laid out a post-financial crisis earnings goal for the nation's biggest bank, but acknowledged it may take two or three years to reach the target.At the Charlotte bank's first investor conference since 2007, Moynihan said the bank could one day make US$35 billion to US$40 billion in pre-tax income. That would be a big improvement over last year's US$1.3 billion pre-tax loss and higher than the $31 billion mark reached in 2006.
In coming quarters, the bank will put the finishing touches on the Merrill merger and meld four consumer banking computer systems that currently leave some customers unable to access all products, he said. It's also consolidating half of its 60 data centres, many of which were inherited in acquisitions.
Source: Charlotte Observer