CEO Brian Moynihan stated that this is the highest earning for the bank in last decade “doing more business with customers and clients, especially financial institutions and investors.” The chief Financial Officer Paul Donofrio from the bank was approached by reported if the profits were going to make a huge differences by reducing the outstanding loans held by the BofA of which he “stated that growing company revenue was very difficult to achieve but with the posted profits, thing are going to turn around.”

Bank of America is widely exposed when it comes to low interest rates compare to other Big Banks. BofA depends on retail and commercial banking utterly and less on trading.” Although the U.S. economy is improving slowly, revenue growth remains challenging,” he further added.
Trading division from the Bank preformed fantastic last year. The division did very well compare with last year, in spite of suffering from rough and difficult markets.” Global markets,” division also had a fantastic run last year. It amalgamated a net profit of $24.5 billion compared with a loss of $105 million a year earlier.

With the bank posting a net profit of $24.5 billion, the loans, $21.3 billion would be consumer in energy loans, 5 percent of the bank’s total loans. The difficulties in the energy sector have not led to defaults or financial error as it has been for many years. BofA was slimming down its organizational setup and was retailing its Legacy Assets and servicing business. Accordingly, the Bank contains other investments which finally benefits the bank’s balance when the financial crisis hit. BofA’s revenue remained $24.5 billion compared with $18.73 billion the year before.

The bank reduced around 10,000 employees or total five percent of employees. Slimmed down to 213,280 from 223,715. This restructuring will boost the company’s bottom line into profitable competitive markets similar to those of other financial institutions. The reduction mainly occurred in its Legacy Assets and Servicing division were most cumulative investor’s accounts have resided for years. The Bank also shut down around 129 branches. Currently the bank has 4,726 branches. This is the fourth year in a row that BofA has cut number of branches.