Bank of America proft falls steeply
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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, on Tuesday said fourth-quarter profit  fell, hurt by mounting credit losses and weak investment  banking results.
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Concern over subprime mortgages extended the stock marketâs worst weekly decline since March.
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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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The bankâs net income slid to $942 million, or 53 cents a share, from $1.19 billion, or 66 cents a share, in the period a year ago.
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The European banking sector continued to be hammered on Monday. Shares in French, German and Swiss banks were the hardest hit, but even Spanish and Italian institutions with minimal US subprime exposure could not escape.
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Bank of America Corp, the second-largest 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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Swiss bank UBS reports a worse-than-expected third quarter loss, hit by bad debt in the US housing market.
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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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The stock market fell sharply last week as the subprime mortgage crisis spilled over into the broad financial markets.
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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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CHARLOTTE, N.C. -- Bank of America Corp., the nation's second-largest bank, said Thursday its profit fell 32 percent in the third quarter as capital markets losses offset solid revenue growth in most businesses.
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The bank said it lost about $854 million, exceeding analystsâ fears about how badly it would suffer from its bad bets on subprime mortgages.
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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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Stocks tumbled on Wall Street after BofA announced a deal to acquire the troubled lender.
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Countrywide Financial Corp  shares on Thursday fell below the $18 price at which Bank of America Corp  may convert its $2 billion investment into common stock.
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Business & money: Figures show sharpest fall for almost two years as trouble in the US housing market starts to spread and weigh down on consumer spending.