Bank of America, Wachovia profits nearly wiped out
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Bank of America Corp and Wachovia Corp, the second- and fourth-largest U.S. banks, said on Tuesday quarterly profits were nearly wiped out by more than $10 billion of write-downs and credit losses.
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British bank Alliance &amp; Leicester's  2007 profit tumbled 30 percent as it suffered a 185 million pound ($360.4 million) writedown on its exposure to risky assets.
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Wall Street stocks were mixed on Thursday, after a big fall in profits at Bank of America (NYSE:BAC) added to woes in the financial sector and weighed on investor confidence.
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As more banks report write-downs tied  to the global credit crunch, analysts say Wachovia Corp   may have losses lurking in an area that has garnered less  investor attention.
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S&P 500 stock index futures fell back to near session lows on Tuesday after disappointing earnings from Bank of America and Wachovia Corp added to recession fears.
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Wachovia Corp  on Friday posted  a 10 percent decline in quarterly profit, missing forecasts, as  the fourth-largest U.S. bank suffered $1.3 billion of  write-downs at its investment banking unit.
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Wachovia Corp  posted on Friday a 10 percent decline in third-quarter profit, missing forecasts, as the fourth-largest U.S. bank suffered $1.3 billion of write-downs resulting from credit market turmoil.
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MORGAN Stanley, the American investment bank, has seen its quarterly profits slide 34 per cent amid reduced trading revenues. The latest figure fell well short of Wall Streetâs already-lowered expectations after a summer of sluggish market activity.
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Wall Street's most important investment banks amassed about $5 billion in losses from bad loans in three months due to the credit crunch that has been squeezing the financial system.
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The bank said it lost about $854 million, exceeding analystsâ fears about how badly it would suffer from its subprime mortgage bets.
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Wachovia, the nationâs fourth-largest bank, said Friday that its profits fell 10 percent in the third quarter due to losses related to turmoil in the credit markets.
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Wachovia, the nationâs fourth-largest bank, said it would take write-downs of more than $1 billion for commercial loans.
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Stocks fell on Thursday, hit by losses in financial companies after Bank of America Corp  reported a sharp drop in earnings, stoking concern the credit crunch was dragging on profits and the economy.
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Washington Mutual, the savings and loan, said on Thursday that it had swung to a $1.87 billion loss in the fourth quarter, hurt badly by the sinking value of its mortgage portfolio.
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The nationâs number 2 buyer and backer of home mortgages saw a 45 percent drop in second-quarter profits after setting aside $300 million to account for bad loans.
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U.S. Bancorp , the sixth-largest U.S. bank, on Tuesday said fourth-quarter profit fell 21 percent, hurt by losses from loans and money market mutual funds, and a legal settlement.
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CHARLOTTE, N.C.  -- National bank Wachovia Corp. said Tuesday its fourth-quarter earnings tumbled 98 percent due to a $1.7 billion reduction in the value of certain portfolios and $1.5 billion set aside to cover bad loans.