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Bank of America misses its 1st quarter earnings projections, gets new CFO

By Reuters
Friday, April 15, 2011 8:19 EDT
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CHARLOTTE, North Carolina (Reuters) – Bank of America Corp posted a 37.5 percent decline in first-quarter earnings and named a new chief financial officer.

The largest U.S. bank reported net income of $2.0 billion, or 17 cents per share, compared with $3.2 billion, or 28 cents per share ,in the same quarter a year ago.

Analysts on average had forecast earnings of 27 cents a share, according to Thomson Reuters I/B/E/S.

The bank lost $2.39 billion in its residential mortgage unit, compared with a $2.07 billion loss in the same quarter a year earlier. Revenue dropped and expenses increased in the business, which was a key source of difficulty for the bank during the quarter.

The bank said Bruce Thompson, chief risk officer, will add the role of chief financial officer at the end of the second quarter. Chuck Noski, current CFO, will become vice chairman of Bank of America.

The bank’s shares were down 1.8 percent in premarket trade Friday.

(Reporting by Joe Rauch, additional reporting by Dan Wilchins in New York; editing by John Wallace)

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