With the domestic economy seemingly grinding to a halt and housing still resolutely in the dumps, investors have all but written off BofA. Its stock has fallen nearly 50% this year—the worst decline for any big bank in the U.S. or Europe. Even though BofA has relatively little exposure to Italy, Spain or the other European nations that provided the fuel for last week's market panic, its problems stateside are considered so serious that there's now a $130 billion gap between the bank's market valuation and the price it would fetch if its stock merely traded at the industry average.
Read the rest of the article at Crains New York
No comments:
Post a Comment