To my teammates:
Public debate on the subject of potentially nationalizing some banks continues to put great pressure on our stock. And yet, our company continues to be profitable. I see no reason why a company that is profitable, with capital and liquidity levels that are very strong, and that continues to lend actively, should be considered for nationalization. Speculation about nationalization is based on a lack of understanding of our bank’s financial position as well as a lack of appreciation for the adverse ramifications for our customers and the economy.
Bank of America does not need any further assistance today, and I am confident we will not need any further assistance in the future. I believe our company has more than enough capital, liquidity and earnings power to make it through this downturn on our own from here on out.
There is no question that the recession is continuing to worsen and that rising credit costs will continue to put great pressure on our ability to generate earnings. But here’s the good news: Your hard work is producing results in businesses all across the company.
While I can’t divulge any specific financial results mid-quarter, I can tell you that activity in our trading business continues to be vastly improved over last quarter. The corporate debt markets are showing some signs of thawing in both high yield and high grade, and we’re already seeing some benefits in the market of our combination with Merrill Lynch, in terms of winning mandates to raise capital for new and existing clients. And Merrill Lynch Financial Advisors posted nearly a half billion dollars in CD sales in the first four weeks these products were available to their clients.
On the retail side, our customer satisfaction scores are up at a time when others are down. Our brand, which took a beating in January, strengthened in early February, as customers gave us high marks for trustworthiness and perception that money is safe with us. In the first week of February, our Go America, Save! promotion boosted CD sales 18% and IRA sales 10% over the prior week. We extended our industry record this week for number of active mobile banking customers, surpassing the 2 million mark. And this week, a consortium of banks, including Bank of America, launched the Help With My Credit campaign to raise awareness of the different ways credit card issuers can assist customers in managing their financial obligations.
I am really encouraged by what we’re seeing in our home lending business. The mortgage boom is so intense we actually pulled down some advertising for a brief period to give our teams a chance to catch up to the volume, but they are running at full tilt now and processing record volumes. Our decision to acquire Countrywide has put us in a great position to capitalize on the surge in this business. This is a very positive story as we lead up to the launch of our new Bank of America Home Loan brand in April.
Yesterday, I met with a group of about a hundred of our top leaders to discuss what’s going on in the businesses and listen to their thoughts and concerns. We talked about the great challenges we’re all facing in the marketplace. But we also talked about how encouraging it is to work with such strong teammates, to have the trust and support of our customers and clients, and to have the position in our markets that we do.
As we concluded the meeting, I told them that we have a clear challenge in front of us: to prove the cynics and the critics wrong. I know we can do that – in fact, I think we’re doing it now, in the work each of you is doing every day, and the business results you’re putting up on the board.
Thank you for that. Let’s keep the momentum going.
Ken
Flowers will boot his ass so fast his head will spin.
http://www.youtube.com/watch?v=kx97K9jUxng
Said it yesterday, and I’ll say it again. “Wild Card, bitches! Yeehaw!”
http://www.youtube.com/watch?v=MYtjpIwamos
Yes we can! Yes We Can! YES WE CAN!!!
“Bank of America does not need any further assistance today, and I am confident we will not need any further assistance in the future.”
Is this guy retarded? Seriously?
@6 — I love that show.
I also pleased to announce our Just Sign Here Grandma sales promotion increased uninsured CD sales 36% just last quarter.
Our mortgage pipelines maintained profitability amidst unprecedented volatility through our highly successful I Have No Record Of That Lock Request pilot program, which adding to our Where Else Ya Gonna Go campaign as we strive to meet the needs of the marketplace.
B of A continues to score high in quality and customer service surveys, particularly when we disguise our voices and pretend we’re another firm.
All said, I know many of you are anxious, so I’ll divulge some strategies we think might boost both our capital position and morale. Firs…..whoa, 4 PM already? Sorry folks, SCOTCH TIME!
“I see no reason why a company that is profitable, with capital and liquidity levels that are very strong, and that continues to lend actively, should be considered for nationalization.”
I have to agree with KL here. I just wonder what bank he is in fact referring to. Because I cannot see the word ‘profitable’ correctly referencing BOA.
Lobsterclops PINCH.
I miss the “One Bank” singer.
Leveraged Sellout’s website is now shut down
It’s official, we are fucked
Leveraged Sellout’s website is now shut down
It’s official, we are fucked
“Our brand, which took a beating in January, strengthened in early February”
WTF does that even mean? So everyone thinks you are safe for this month? One look at the common stock’s price is enough to gauge the value of the “brand”.
Goddamn Dylan Ratigan is a sexy hunk of manalyst. He could talk the clothes off an eskimo in a blizzard.
@16 – if by “strengthened in early February” he means, took less of a beating – then yes I agree. however, he failed to mention that it’s taking a good old fashioned a$$ whoppin’ in late february. me thinks the hick doth protest to much…does not bode well for the bancamerrillwide.
@15 Too Amit, didn’t Chatwani.
He’s got the tiniest hands. He looks like a bobblehead in that picture.
Didn’t Chatwani’s book board the Failboat with conviction?
He will not abide another toe.
@20
Wow wow wow, didn’t notice until you mentioned it, AND they’re in the foreground, so they must be even smaller (or head just THAT much bigger) when viewed next to each other.
Take the strong handddddd!
The headline, with that picture, is pure comedy gold.
Bess rules
“Our decision to acquire Countrywide has put us in a great position to capitalize on the surge in this business”
Too much spin, almost vomited.
@ 20 you know what they say about men with tiny hands
KL has no pimp hand. Surprisingly, they didn’t bother passing this fairy tale along to us at Merrill. I guess they were afraid we would put it side by side with some of the stuff Stan sent us in ’07, or Thain sent us every single quarter in ’08 about how well capitalized we were and didn’t need any more money from anyone. How did the FA’s fit all those CD sales in between job interviews?
@10, post of the day, brilliant!
How do we turn “Yes, we can prove the cynics wrong” to
“Yes, we can prove the cynics right”?
Gotta post after work now. Morale is so low, I wish they would just quit sending these things and say they are sorry for the way they’ve treated us all. @25, I couldn’t agree more. We used to call those rides circulator nauseators and I think I’m on one now.
Ken, can I suggest you come next Monday
and say:
I retire, nothing is fucked except my a**.
I think he’s wearing John Thain’s glasses…
EAT MY WIDECOCK, WIDECLOPS. I now have to look at DB before I go out on a Friday night. I hate you.
“While I can’t divulge any specific financial results mid-quarter, I can tell you that…”
Reminds me of the old days when guys used to go to the airport to pitch a penny stock. He would tell the mark, err, client that “we just got off the plane from meeting the CEO of DogShit, Inc. and although we would get in trouble if we told him what we knew, he had to read between the lines with us on this one [insert irrelevant story] and he would be very happy in the coming weeks.” They all went to zero, every one.
KL is a lying douche
What brand is the watch on KL’s little thin wrist?
A Ladies Casio, Jubilee edition
Looks like there’s a little outbreak of herpes on his upper lip. Did Spitzer share some leads with KL?
that dude’s pants are on fire!!
I’ve got a large cockmeat sandwich for old wideclops.
Why is there a penis on top of his shoulders? Oh, wait…
11-Feb-09 6.07
12-Feb-09 5.87
13-Feb-09 5.57
17-Feb-09 4.90
18-Feb-09 4.57
19-Feb-09 3.93
20-Feb-09 3.79
Plenty of momentum here.
Let’s keep the momentum going.
K.L.
what a stupid Mississippi pig farmer – the guy should be stocking shelves at a Piggly Wiggly in Tupelo. He is in way over his head. Problem is, TG doesn’t have the sack to shoot him.
Ken Lewis is the W of the banking world. Go into a difficult situation completely unprepared (ML/Iraq) and then deny any responsibility and completely fail to own up to your terrible mistake. Next, proceed to spout endless bullshit about how well everything is going. When all is said and done, waste a shitload of money ruining a good company/country and ask the shareholders/taxpayers to take a bath while you ride off into the sunset with your shit-eating grin still plastered on your face.
@42 great historical analogy. Not out of the realm of possibility the two could end up on the golf course / same corporate board some day. Be great to overhear their conversations.
Too Porcelain Veneer, Didn’t Read.
Yes, @42 draws a nice parallel.
Can anyone imagine a situation in which Kenny Boy rescues himself from this self-inflicted shit-storm?
In the meantime, DB must continue to show pictures of him grinning like a wanking Jap, so as to shame the board into a lone act of fiduciary duty.
I like the analogy: I compare Wall Street to the ol’ Berlin wall….. I sometimes forget who bought who and which company went belly up first? Most of Wall Street or BAC? Help me … the data escapes me?
KL is a moron and a crook who should be taken out of his office in handcuffs. There must be a crime associated with what he has done. Destroyed so many people’s lives…
KL is about to find out how bad it really is. Trading in BAC (and C) will be halted before the opening bell on Monday, pending an announcement….
You are all being very un-Dude.
Big money investors must now be pulling their deposits at both Citigroup and Bank of America and they must be doing it quietly and quickly with the click of a mouse. No mobs demanding paper money… just a ‘click’ and a string of ones and zeros blitzes from one end of the world to another over the internet.
Nationalization is guaranteed.
21s58q Looking forward to reading more. Great article.Thanks Again. Much obliged.