In a letter to shareholders published Wednesday, Bank of America CEO Brian Moynihan touted the bank's efforts to build a "stronger, leaner company," though he acknowledges the bank's stock didn't fare so well and results were lower than expected.
The Charlotte bank posted net income of $1.4 billion for the year. Its stock price fell 58 percent, the worst performer in the Dow Jones Industrial Average.
"Obviously, our stock price does not yet reﬂect the work we are doing to strengthen capital, reduce risk and attract more business from our customers," Moynihan writes. "There are many issues weighing not only on us, but on the entire ﬁnancial services industry."