I challenge anyone to find me a person more relived at the poor results posted by Bank of America (BAC) today than Citi's (C) besieged CEO Chuck Prince.
Although not as bad as Citi's results, BAC post a 32% decline in earnings (Citi posted a 57% decline) due to more than $1.4 billion in trading losses in its investment bank and about $2 billion in additional provisions for credit losses. Earnings dropped to $3.7 billion, or 82 cents a share, from $5.42 billion, or $1.18 a share, a year earlier. Revenue fell 12% to $16.3 billion.
Also unlike Citi, it marked the first time since 2005 that BAC failed to raise year over year profits.
Add to this the bad earnings at Washington Mutual (WM) and Prince now can point fingers and claim events, not his management caused the disastrous Q3. While it does not eliminate the need for him to produce in Q4 or leave, it will, for the time being quiet to "get him out now" chants that were beginning to reach a crescendo yesterday.
I think I could here his sigh or a relief all the way up here in Massachusetts...