NO EUROPEAN VACATION: In its second-quarter earnings report, Bank of America said it had trimmed its exposure to Portugal, Ireland, Italy, Greece and Spain. Total exposure was $9.6 billion, down from $16.7 billion the year before.
MORTGAGES: Like its peers, Bank of America is being forced to buy back mortgages and mortgage-backed bonds that it sold to investors several years ago. The bank said that outstanding claims reached nearly $23 billion, up from $10 billion a year ago.
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SLIMMING DOWN: The bank has been shrinking for the past two years, cutting employees, business units and expenses. It said the employee count was about 275,000, down more than 12,000 over the year. That would have been down by nearly 20,000 if the bank hadn’t added extra employees to deal with problem mortgages.
