Bank of America is no longer the “Bank of America” as it fell from the number one spot after JP Morgan Chase took the number one spot. JPMorgan Chase claimed $2.289 trillion in assets up against Bank of America’s $2.219 trillion.
On Tuesday, Bank of America posted its profits for the third quarter which jumped 6% ($5.9 billion) due to one-time asset sales and accounting gains. Meanwhile, Bank of America is still suffering from lending and investments which some analysts cite is due to the bad mortgages it acquired after buying up Countrywide in 2008.
Partially due to Bank of America having difficulties with lending and the pressure of the Federal Reserve looking to lower long-term interest rates, Bank of America stated it is planning to cut at least 30,000 jobs over the next few years. Already Bank of America has cut 2,000 employees from it’s 288,000 plus staff.
In addition, this month, Bank of Amercia is aiming to reduce expenses in commercial banking, capital markets and in its wealth management operations.
JPMorgan Chase reported a profit of $4.3 billion for the third quarter following the last third-quater of $4.4 billion.