COMPANIES Bank of America is expected to announce a profit when it reports earnings on Friday, while Citigroup is expected to post another loss – suggesting that BofA is continuing to emerge from the regulatory hole it has shared with Citi in recent months.
But the revelation that BofA has been operating since May under the terms of a “memorandum of understanding” from the US Federal Reserve is yet another sign that the bank, like Citi, still has some distance to go before it is able to join JPMorgan Chase in the ranks of universal banks in top-notch health.
