Bank of America Says Home-Loan Business in ‘Recovery Mode’
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Bank of America Corp., the largest U.S. lender, said its residential mortgage business is in “recovery mode” after contributing to a net loss last year and will be “transitioning to business as usual” in 2012. The stock advanced in early trading.
The commercial- and investment-banking businesses are already transitioning this year and may post what the company considers normalized earnings in 2012 and 2013, Charlotte, North Carolina-based Bank of America said today in a slide show on its website.