Bank of America Dodges “Worst Company in America” Title
While Bank of America managed to dodge the “Worst Company in America” title, coming in second place is nothing to brag about. The bank cut its ATM network by around 10 percent, foreclosed on wrong houses, and made errors on home-loan adjustments. Bank of America was even sued by investors, Fannie Mae/Freddie Mac, and the U.S. government. It also came in last place on the American Customer Satisfaction Index survey.
The Consumerist explains, “It’s been almost five years since Bank of America acquired Countrywide and Merrill Lynch, and all the toxic mortgages and mortgage-backed securities that came with those deals. And every year since, BofA has been criticized by consumers, advocates, lawmakers, regulators, and everyone’s Uncle Eddie for failing to clean up that financial porta-potty.”
Despite the reputation problems, shares of both companies have logged significant gains. Since bottoming out last July, EA has surged 65 percent. Meanwhile, Bank of America shares have doubled since the beginning of 2012.
Here’s how Bank of America, EA, AT&T, Facebook and Walmart have all traded over the past year:
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