http://66.225.205.104/SG20111018.mp3
One of the ways a bank's size gets measured is by the assets it holds. And in the year's third quarter, Bank of America lost its title as the biggest U.S. bank by assets. The numbers the bank disclosed as part of today's earnings report show the Charlotte bank has fewer assets now than JP Morgan Chase.
Bank of America has been shrinking in recent months as bank leaders try to make it more profitable. The bank became the biggest US bank by assets early in 2009. During the third quarter, JP Morgan Chase's assets grew to $2.29 trillion. Bank of America's was $2.22 trillion. Earlier this year, JP Morgan Chase also took from B of A the title of largest bank by deposits.
As for the earnings report itself, today's was about as confusing as they come. Several one-time transactions boosted revenue and earnings. For instance, the bank sold its stake in China Construction Bank. Bank of America says it made right at $6 billion in the third quarter. Analysts, though, had difficulty figuring out, exactly how the bank would have done without all the special transactions.
During a conference call this morning, one banking analyst told CEO Brian Moynihan there's "confusion on the street" about the state of the bank's core operations.