1 Reason to Be Optimistic About Bank of America Stock
At the 2013 economic conference in Davos, Switzerland, Bank of America (NYSE: BAC) CEO Brian Moynihan analogized the bank's predicament to a mountain climbing competition in which the bank was weighed down by a 250-pound backpack.
He was referring to the tsunami of costs that washed over the bank in the wake of the financial crisis. At one point, Bank of America estimated that the crisis had cost it nearly $200 billion in legal costs and loan charge-offs.
The Bank of America building in Dallas, Texas, towers over Dealey Plaza. Image source: Getty Images.
Source: Fool.com