- Lending growth is coming back at Back of America (BAC +0.7%) where the credit card portfolio - typically shrinking since the financial bust - grew in Q3. Don't look for the unit to return to pre-crisis size anytime soon though, as the bank has made a strategic choice to focus lending on existing customers - this saves money on marketing and assures BofA knows a little bit more about who it's doing business with. "The card business will be smaller, but less volatile and more profitable," says Titi Cole, a senior exec for retail products.
- Even by focusing on its own customers, CEO Brian Moynihan reminds the opportunity is huge ... "tens of millions of customers," he told a conference late last year. The bank issued 1M new credit cards in Q3 and Q4 issuance is expected to be strong as well.
From other sites
at AdvisorHUB (Apr 10, 2015)
at AdvisorHUB (Apr 8, 2015)
at MarketWatch.com (Apr 8, 2015)
at CNBC.com (Apr 7, 2015)
at AdvisorHUB (Apr 7, 2015)
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