Tuesday, June 12, 2012

Bank of America ready to 'get back and get after it'

Having significantly increased capital and liquidity over the past year, Bank of America is now pushing its employees to get back to making more money, Chief Financial Officer Bruce Thompson told investors at a conference Tuesday.

The bank has increased its Tier 1 capital by more than $17 billion, now hitting 10.8 percent, Thompson pointed out. Its liquidity has also hit a record high, the bank will be able to comfortably absorb $34 billion in debt maturity in the second quarter, and the bank's cost cutting initiative is bearing fruit, he said.

All that leaves the bank in a much better position to be more aggressive about making more money, he said.

"It's getting people out on the front to start pushing and find additional revenue generating opportunities," Thompson said. "There's clearly a push at this point for peopel to get back and get after it."