Bank Of America Adds Nearly $1 Billion To Its Bottom Line

(Reuters) - Bank of America Corp expects to reduce its long-term debt by about $40 billion in the second quarter, eliminating interest expense of $230 million per quarter going forward, Chief Financial Officer Bruce Thompson said. The bank has previously said it has $34 billion in debt maturing in the quarter. It also has taken steps to redeem subordinated debt, trust preferred securities and other securities. "We will look to drive that debt footprint down," Thompson said Tuesday at an investor conference in New York. Reducing interest payments is one way the second-largest U.S. ...

Bank of America Corp (BAC) Sanford C Bernstein Strategic Decisions Conference May 28, 2014 / 10:00 A.M. E.T. Executives Brian Moynihan – CEO Analysts John McDonald – Sanford C. Bernstein & Co., LLC Presentation John McDonald – Sanford C. Bernstein & Co., LLC

ByQuoth the Raven:For the better part of the last couple of years, I've been hooting and hollering about Bank of America (BAC) as a long position. I finally staked my personal long position a couple of months ago in the $16 region.

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