Bank of America Loses Title as Biggest in U.S.

[bananas]

Source: New York Times

For Bank of America, it is the end of an era.

With the bank shrinking its balance sheet and selling off assets, the company, based in Charlotte, N.C., surrendered its title as the country’s biggest bank Tuesday, another sign of how a money-losing giant assembled over decades is being reshaped into a smaller and, investors hope, more profitable institution.

Bank of America, with $2.22 trillion in assets reported Tuesday in its third-quarter earnings, is now second to JPMorgan Chase, which has $2.29 trillion assets. It also ranks second to JPMorgan Chase in terms of branches and total deposits.

Analysts said it was more evidence of how Bank of America’s chief executive, Brian T. Moynihan, is reversing the legacy of his controversial predecessor, Ken Lewis, an empire builder who craved being the biggest in United States banking and whose creation ultimately needed two federal bailouts to survive the financial crisis.

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Read more: http://dealbook.nytimes.com/2011/10/18/bank-of-america-gives-up-its-title-as-biggest-in-u-s/

[Ian David]

1. BofA Deathwatch: Moves Risky Derivatives from Holding Company to Taxpayer-Backstopped Depositors

BofA Deathwatch: Moves Risky Derivatives from Holding Company to Taxpayer-Backstopped Depositors
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x2142825

[sarcasmo]

4. Can't happen soon enough.

[TBF]

2. I've had simple checking accounts at both BOA and Chase -

based on that limited experience I can tell you BOA charges myriad fees and their customer service sucks. I got rid of that account a few years ago and use Chase now for household expenses and travel. I've had no problem with them at all and find them pleasant to deal with as far as big banks go. We have savings split between a credit union and investment account (neither big banks). I realize this is anecdotal, just what I've experienced.

Generally I feel that the banks have gotten away with far too much (and I'm sure that includes Chase - I wouldn't exempt them from that judgment), but BOA has taken legal theft to a whole new level.

[GOTV]

3. Is it small enough to fail now?

[L0oniX]

5. Close your account ...move to a credit union.

[Maineman]

6. Yes, close your account. Move to a Credit Union.

[sandyj999]

7. And I had a small part in that when I went to the credit union.

If enough do just that it will have an effect.

[SoapBox]

8. Start a search HERE for your new Credit Union...

National Credit Union Administration

http://www.ncua.gov/

[bananas]

9. Thank you, that's very helpful. nt

[Akoto]

10. Bummer. Not a single one in or near my city. n/t

[RebelOne]

11. The closest credit union near me is about 12 miles away

in very heavy traffic. All my banking is done online and through direct deposit, but there are times when I have to go to the bank. And my local Bank of America is just around the corner, which makes it very convenient for me.

[Chan790]

12. Try here then.

http://www.icba.org/consumer/banklocator.cfm?sn.itemnumber=51757

That's the list of local community banks in the nation. If you can't go to a credit union, maybe you can move to a bank that at-least has the decency to invest in its' communities. lend to local businesses, is locally-run and isn't big enough to be part of the problem. Of course, there is the risk of them being bought up by a larger bank or that they're not run in accordance with your ideals either.

Generally though, I find them more responsive to client needs and willing to work with them...trade off is that they often offer less robust services.

[bananas]

13. Thank you - another excellent resource - and thanks for your comments and suggestions.

I remember the bank failures that followed the S&L failures from Reaganomics - what Poppy Bush called "Voodoo Economics".
This is going to get worse before it gets better,
and a lot of us just want a stable place to keep our money,
someplace preferable to keeping it under the mattress.

[TK421]

14. Not really..I think they are the biggest assholes in the U.S n/t

[unkachuck]

15. "...surrendered its title as the country’s biggest bank..."

....I bet they're still the greediest....