Bank of America Earnings Fall 32 Percent
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Capital markets losses offset solid revenue growth in most businesses at the bank, which posted net income of $3.7 billion.
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Earnings at U.S. banks fell slightly in the first three months of the year amid a continuing housing slump and tightening credit standards, a banking regulator said on Thursday.
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Charlotte-based Bank of America Corp. will slash 4,500 positions from its work force, or about 2.5% of its payroll. The company expects to incur charges of $150 million over three quarters, beginning in the third quarter, from severance payments.
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Lehman Brothers Holdings Inc   said on Thursday that quarterly earnings fell, hurt by  declining fixed-income revenues.
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Bank of America reported quarterly results Tuesday that fell short of Wall Street expectations, hurt by a mortgage-related writedown worth more than $5 billion.
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Barclays, the nation's third-biggest bank, said on Tuesday that net profits sank in 2007 owing to fallout from the US subprime housing crisis and the related global credit squeeze.
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Bank of America Corp. , the second-largest U.S. bank, said on Thursday quarterly profit rose 5 percent, as private equity and investment banking gains offset lower retail banking earnings and worsening loan quality.
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Bank of America Corp. said yesterday it will eliminate 4,500 more jobs as it absorbs the operations of FleetBoston Financial Corp.
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CHARLOTTE, N.C. -- After a tough third quarter, Bank of America Corp. has become the latest bank to slash jobs due to poor results brought on by the unrest in global credit markets.
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The sluggish bond market took a toll on another Wall Street behemoth, as JPMorgan Chase reported a 13per cent drop in third-quarter earnings, far worse than Wall Street analysts had expected.
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CHARLOTTE, NC -- Bank of America said Thursday it will cut about 4,500 jobs, or about 2.5 percent of its work force, beginning this month as a result of its merger with FleetBoston Financial Corp.
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Bank of America Corp , the No. 2 U.S. bank, posted a much-larger-than-expected 32 percent drop in quarterly profit on Thursday, hurt by mounting credit losses and dismal investment banking results.
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Bank of America Corp, the  second-largest U.S. bank, on Tuesday said fourth-quarter profit  fell, hurt by mounting credit losses and weak investment  banking results.
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The largest U.S. mortgage lender said quarterly profit slid 33 percent and slashed its full-year earnings outlook, citing rising defaults as the housing market slumps.
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Bank of America Corp , the No. 2 U.S. bank, posted a much larger-than-expected 32 percent drop in quarterly profit on Thursday, hurt by mounting credit losses and dismal investment banking results.
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M&T Bank Corp , the first large U.S. bank to report fourth-quarter results, said on Monday that profit fell, hurt by turmoil in residential real estate markets.
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Bank of America Corp. said Thursday it will cut an additional 4,500 jobs, or 2.5 percent of its work force, beginning this month as a result of its merger with FleetBoston Financial Corp.