Then again it may not matter. Banking customers will put up with lots of abuse. People don't change banks the way they change restaurants or clothing brands. Once you're set up with direct deposit and automatic bill pay, it takes a lot of energy to bring your business elsewhere, and as Bank of America (and Berkowitz) love to repeat, the bank serves one of every two U.S. households.
Still, however attractive Bank of America may be as a play on a U.S. recovery, imagine how well it could do if it actually had a coherent game plan.
-- Written by Dan Freed in New York.