The Buddy Love Show
01-22-2008, 08:05 AM
Cocksuckers charge $3 to use their ATMs - Fuck em
(this is terrible economic news - but these folk are villianous in their practices)
http://www.reuters.com/article/businessNews/idUSN2246708320080122
Bank of America net sinks 95 percent
Tue Jan 22, 2008 7:25am EST Email | Print | Share | Reprints | Single Page | Recommend (0) [-] Text [+]
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NEW YORK (Reuters) - Bank of America Corp (BAC.N: Quote, Profile, Research), the second-largest U.S. bank, said on Tuesday fourth-quarter profit sank 95 percent, hurt by more than $7 billion of losses tied to poor trading decisions and mounting credit woes.
Net income for the Charlotte, North Carolina-based company fell to $268 million, or 5 cents per share, from $5.26 billion, or $1.16, a year earlier.
Analysts on average expected a profit of 19 cents per share, according to Reuters Estimates.
Results reflected $5.44 billion of trading losses, compared with a year-earlier $460 million profit. This reflected a $5.28 billion write-down related to collateralized debt obligations, which the bank said reduced trading profit by $4.5 billion and other income by about $750 million.
Bank of America also set aside $1.74 billion for credit losses, including a $1.33 billion addition to reserves.
"We certainly are not pleased with our performance," Chief Executive Kenneth Lewis said in a statement. "We are cautiously optimistic about 2008, though we believe economic growth will be anemic at best in the first half."
It was the latest in a series of earnings declines among the largest U.S. banks as the nation's housing crisis and a slowing economy lead to a growing number of consumers falling behind on their bills.
Bank of America shares closed Friday at $35.97 on the New York Stock Exchange. Through Friday, they had fallen 33 percent in the last year, compared with a 34 percent drop in the Philadelphia KBW Bank Index .BKX.
(Reporting by Jonathan Stempel; Editing by John Wallace)
(this is terrible economic news - but these folk are villianous in their practices)
http://www.reuters.com/article/businessNews/idUSN2246708320080122
Bank of America net sinks 95 percent
Tue Jan 22, 2008 7:25am EST Email | Print | Share | Reprints | Single Page | Recommend (0) [-] Text [+]
1 of 1Full Size
RELATED NEWS
Clinton to propose $70 billion stimulus: report
Bank of America to buy Countrywide
Rakuten faces $210 mln charge on credit business
U.S. loses status as World Bank top donor to Britain
Central banks join forces to ease credit crisis
powered by Sphere
MARKET NEWS
Stocks off lows after rout, central banks eyed
Wachovia, Bank of America fall on earnings
Yen hits 2-1/2 year peak as stocks dive
More Business & Investing News...
Featured Broker sponsored link
$0 stock trades. 10 free per month.
NEW YORK (Reuters) - Bank of America Corp (BAC.N: Quote, Profile, Research), the second-largest U.S. bank, said on Tuesday fourth-quarter profit sank 95 percent, hurt by more than $7 billion of losses tied to poor trading decisions and mounting credit woes.
Net income for the Charlotte, North Carolina-based company fell to $268 million, or 5 cents per share, from $5.26 billion, or $1.16, a year earlier.
Analysts on average expected a profit of 19 cents per share, according to Reuters Estimates.
Results reflected $5.44 billion of trading losses, compared with a year-earlier $460 million profit. This reflected a $5.28 billion write-down related to collateralized debt obligations, which the bank said reduced trading profit by $4.5 billion and other income by about $750 million.
Bank of America also set aside $1.74 billion for credit losses, including a $1.33 billion addition to reserves.
"We certainly are not pleased with our performance," Chief Executive Kenneth Lewis said in a statement. "We are cautiously optimistic about 2008, though we believe economic growth will be anemic at best in the first half."
It was the latest in a series of earnings declines among the largest U.S. banks as the nation's housing crisis and a slowing economy lead to a growing number of consumers falling behind on their bills.
Bank of America shares closed Friday at $35.97 on the New York Stock Exchange. Through Friday, they had fallen 33 percent in the last year, compared with a 34 percent drop in the Philadelphia KBW Bank Index .BKX.
(Reporting by Jonathan Stempel; Editing by John Wallace)