Earnings Fall 32 Percent at Bank of America
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The bank was hurt by a spike in consumer credit costs and the poor performance of an investment banking unit.
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- Mortgage insurer and business information provider First American Corp.  on Thursday posted lower quarterly earnings.
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Bank of America missed analystsâ earnings expectations and provided investors with more evidence of how the mortgage and credit crisis has affected the economy.
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Stocks fell on Thursday, after a sharp drop in Bank of America Corp's  earnings stoked worries about the impact of the credit crunch on profits and the economy.
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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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Barclays, the nation's third biggest bank, said Tuesday that net profits sank by about 3.0 percent last year owing to the US subprime housing crisis and related global squeeze on credit.
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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.
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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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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 credit losses and write-downs.
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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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Retail banking earnings were lower but were offset by investment and private equity banking gains.
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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 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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Barclays, Britain's third biggest bank, said Tuesday that net profits sank by about 3.0 percent last year owing to the US subprime housing crisis and related global squeeze on credit.
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Bank of America Corp said on Tuesday quarterly profit sank 95 percent, hurt by more than $7 billion of losses tied to write-downs, poor trading decisions and mounting credit woes.
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Wall Street stocks were lower on Thursday, after a 32 per cent fall in profits at Bank of America (NYSE:BAC) compounded woes in the banking sector and weighed heavily on market sentiment.
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Countrywide Financial Corp , the largest U.S. mortgage lender, on Tuesday said quarterly profit slid 33 percent and slashed its full-year earnings outlook, hurt by rising defaults as the housing market slumps.