Bank of America Full Report

Submitted by: Colin Lokey
     Here's BAC's full report in case you can decipher it. Here's Bob Pisani's take:

If you are trying to make sense of Bank of America's earnings report ... good luck. The press release is 38 pages. I kid you not, 38 pages! And that's just the press release. The official document — the 10-Q — ran to 265 pages for the last quarter's results. Still waiting for the current quarter 10-Q to get posted, but it will certainly be even bigger.

All that — 265 pages — to find out that there is not a lot BofA can do can do in a low rate environment where margins are pressured. You can slowly put legacy issues behind you, and you can keep downsizing. That's what it is doing. Cutting salaries and firing people. How many prople? Just over 14,600 people were let go last year of the 267,000 they employ. It's right there, on page 5 of the press release.

OK, there was this from Chief Executive Brian T. Moynihan: "We enter 2013 strong and well positioned for further growth." CFO Bruce Thompson: "Our primary focus this year is to grow revenue, manage expenses, and drive core earnings growth." Really?




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