After a recent round of selling off assets, Bank of America is no longer the biggest bank in America.
The bank now comes behind JPMorgan Chase, having $70 billion fewer assets than their $2.29 trillion. They also come in second in terms of total deposits and branches.
The garage sale approach marks an unwinding of the dubious legacy created by the previous CEO, Ken Lewis, who treated banking like a game of Hungry, Hungry Hippos where the goal was to gobble up as many other banks as possible. This included their increasingly risky assets, like the portfolio of garbage mortgages they scarfed down from buying Countrywide Financial.
And with the growing backlash over the $5 a month debit card fee, you can be sure they’ll slim even further as customers flee to less costly banks. Hey, they’re on a banking diet! First came the binging, now it’s time for purging.