Here’s Why the Media Is Wrong About Bank of America Corp (BAC)

This isn’t to say that B of A doesn’t have its own crosses to bear. After all, under the unfortunate and regrettable stewardship of Ken Lewis, the bank did voluntarily purchase Countrywide and participate in the securitization extravaganza that fueled the financial crisis. But there’s a difference between doing something even prodigiously stupid and doing something criminal, which is how I’d describe Countrywide’s operations prior to 2008.

Beyond this, and much more critically for B of A’s shareholders, the bank’s moves serve as tangible evidence that the weight from the crisis may finally be lifting from the bank’s operational and financial shoulders. In the news release announcing its third-quarter financial results last year, CFO Bruce Thompson noted that the executive team has now turned its attention to “driving core earnings,” as opposed to managing liability from legacy issues. The bank has since renewed its aspirations in the mortgage market and, if the reports from last week are true, doubled down on the importance of customer service.

It’s in this context that the bank’s announcements from last week should be read, as the change in focus could be a harbinger of lower expenses and higher revenue to come.

The article Here’s Why the Media Is Wrong About Bank of America originally appeared on Fool.com and is written by John Maxfield.

Fool contributor John Maxfield owns shares of Bank of America. The Motley Fool recommends Wells Fargo. The Motley Fool owns shares of Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo.

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