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Bank of America(BAC - Get Report), the ninth-largest stock in the S&P 500, has seen its shares tumble 53% this year, resulting in a market value of $64.7 billion. Its shares hit a 52-week low of $6 on Sept. 22.
The bank's ill-fated $4 billion acquisition of troubled Countrywide Mortgage in 2008 has resulted in continued heavy losses due to the high rate of foreclosures on the mortgages it created. The company also faces potential legal liabilities of tens of billions of dollars from investor lawsuits because of this deal.
The bank also faces the economic challenges that other U.S. banks do, including weak new loan growth and a low, flat yield curve, which will likely pinch net interest margins for the foreseeable future.
Indicative of the turmoil at Bank of America, early this month it announced that it is replacing two of its top executives, Sallie Krawcheck, president of global wealth and investment management, and Joe Price, president of consumer and small business banking
Analysts give its shares eight "strong buy" ratings, one "moderate buy," 13 "holds," and one "moderate sell," according to
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