Results of CFO survey conducted by Bank of America Corp (NYSE:BAC)
The shares of Bank of America Corp (NYSE:BAC) augmented to close at $13.37 in trading session of Wednesday, July 10. This closing figure demonstrates a fall of 1.18%. After opening at $13.51, the stock exhibited an intraday high of $13.53. With average volume as high as 122.12 million shares in last 30 trading sessions, almost 104.35 million shares traded in session of Wednesday.
According to the Bank of America Merrill Lynch 2013 CFO Outlook Asia report, it had surveyed 600 CFO’s and Senior Finance Executives in the region reported that the majority of the Asia-Pacific based CFO’s have a forecast growth in revenue and profits at their corporations of 71 percent and 62 percent respectively for the year as compared with 2012. In its second edition, it has discussed about the insight into the perceptions and the key strategies opted by these decision makers across the region revealing the insights and discussing about their company’s prospects, their roles and their expectations for financing and M&A activity. Over 50 percent of respondents came from corporations with annualized revenues of $500 million or above, representing a broad range of multinational, regional and local companies.
Since the interest rates have declined the Bank’s are hardly generating any revenue and are pulling themselves away from the products like loans and securities. Hence, to generate revenue the Bank’s are charging fee on other products and services offered by them. Similarly, BAC has applied charges on the Debit Card the year before charging $5. Another area which helps in generating revenue is the Mobile Banking which is now a day’s a leading service charged by the Banks.
Bank of America is a financial institution engaged in providing a wide range of serving banking, investing, asset management and other financial and risk management products and services to individual consumers, small and middle market businesses, corporations and Governments.