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Strategies & Market Trends : Stock Attack II - A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Challo Jeregy who wrote (17556)	9/2/2001 6:50:26 PM
From: Challo Jeregy	Respond to of 52237

B of A Ambitions Reflect Banks' Strength in a Weak Economy Like many chief executives these days, Bank of America Chairman Kenneth Lewis believes the U.S. economy is going nowhere. The bank recently had to revise its forecast, Lewis says, because "we don't see recovery until the second quarter of next year." Yet Lewis is confident that his bank, the nation's largest with 4,500 branches coast to coast and more than $600 billion in loans and investments, will come through this slowdown without serious trouble. And so will other banks. In fact, Lewis sees the banking industry ready to dominate financial services in this decade, acquiring or taking business from brokerage firms and insurance companies. To be sure, BofA and other banks have bad loans to write off in the aftermath of the high-tech collapse. But "we also have earnings to afford the write-offs," Lewis says. BofA's earnings were down for the first half, but analysts predict its profit will be up a bit this year and more next year. latimes.com