How Bank of America Can Catch J.P. Morgan

Around this time three years ago, Bank of America’s Brian Moynihan unveiled the final numbers for a dreadful year. The beleaguered CEO announced that B of A had posted just $4.8 billion in net earnings for 2014, around one-fifth the $20-billion-plus bounty at J.P. Morgan and Wells Fargo, and two-thirds of the profits for much smaller rival Citigroup. The gigantic burden from penalties and losses on bad mortgages, and the billions spent annually on servicing that stricken portfolio, spread...

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