Bank of America profit tumbles
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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 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, 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.
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Lehman Brothers, the first of the big US investment banks to report results, unveils a dip in quarterly profits.
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If Bank of America wanted to make a good impression with customers in Massachusetts after buying Fleet Bank in the spring, it has done a poor job of it.
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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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Countrywide Financial Corp shares fell below the $18 price yesterday at which Bank of America Corp. may convert its $2 billion investment into common stock.
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Bank of America Corp  and  Wachovia Corp , the second- and fourth-largest U.S.  banks, on Tuesday said quarterly profits were nearly wiped out  by more than $10 billion of credit losses and write-downs.
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Bank of America Corp  and other large U.S. banks on Thursday reported higher quarterly profits, as rising fees offset deteriorating credit quality.
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Morgan Stanley, the second-biggest US securities firm, said Wednesday its fiscal third-quarter profit tumbled 34 percent, falling short of estimates, as bond trading plunged.
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Bank of America Corp  on Wednesday said it planned to eliminate 3,000 jobs, and shook up its corporate and investment bank after a dismal quarter at that unit led to a 32 percent drop in overall profit.
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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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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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Bear Stearns Cos., the fifth-biggest U.S. investment bank, said Thursday fiscal second-quarter profit sank as a downturn in the U.S. mortgage market slammed the company's business of issuing and dealing bonds backed by pools of home loans.
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Royal Bank of Canada, the country&#39;s largest bank, said fourth-quarter profit fell 37 percent after the bank took aC$255 million ($215 million) charge to write down its US mortgage unit and to cut 1,660 jobs.
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Bank of America Corp. on Thursday posted third-quarter profits of $3.76 billion, or 91 cents per share, a penny ahead of Wall Street&#39;s expectations.
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Bank of America Corp , the second-largest U.S. bank, on Thursday said third-quarter profit fell 32 percent, a steeper decline than expected, hurt by mounting credit losses and the impact of volatile markets on its investment banking unit.