Bank of America is thriving despite concerns over inflation and a possible recession. The bank reported net income of $31.9 billion in 2021, compared with just $4 billion in 2008.
"As the rates have gone up and if the recession is shallow, then we're going to see widening spreads and the ability of Bank of America to have significant earnings from net interest income," said Kenneth Leon, a research director from CFRA Research. "This is unique to the banking industry and Bank of America being one of the largest banks, stands to benefit the most."
The hard-learned lessons from the financial crisis have also led BofA to undergo significant changes, allowing it to earn its position as the bank with the second-largest total assets in the United States."The big change at Bank of America is that they have gone from irresponsible growth to responsible growth," said Mayo."One key aspect of Bank of America's responsible growth is to say no and no more often," explained Mayo.
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