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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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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The investment bank said 3rd-quarter profit fell to $1.54 billion, hurt by a global credit crisis that cut into stock trading, corporate lending, and results from investments.
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After suffering heavy trading losses from bad mortgage investments, Bank of America said it was scaling back its investment banking operations and shedding 650 more jobs.
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Bear Stearns Cos Inc  said on  Thursday quarterly profit plunged 61 percent to its lowest  level in five years on bad bets on subprime mortgages and  disrupted fixed-income trading.
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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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JPMorgan Chase & Co  said on  Wednesday quarterly profit fell a worse-than-expected 24  percent as the No. 3 U.S. bank lost $1.3 billion on risky  mortgages and set aside more money for rising losses on  home-equity and auto loans.
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Bank of America, the third large money-center bank to report earnings this week, said its net income fell 32 percent in the third quarter to $3.70 billion. The decline was less than the 57 percent plunge in profits at Citigroup. But the results were far worse than the 2 percent rise in earnings posted by [...].
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Wells Fargo & Co  on Wednesday  said fourth-quarter profit fell, the first decline in more than  six years, hurt by rising losses from home equity loans.
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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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Bank of America reports a 95% fall in  fourth-quarter profits as a result of write downs and rising credit losses.
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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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U.S. Bancorp , the  sixth-largest U.S. bank, said on Tuesday fourth-quarter profit  fell 21 percent, hurt by losses from loans and money market  mutual funds, and a legal settlement.
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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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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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BNP Paribas SA confirmed Wednesday that fourth-quarter net profit plunged 42 percent due to write-downs of securities affected by the financial markets crisis.
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Fourth-quarter profit at the Bank of New York Mellon declined 68 percent because of its exposure to assets backed by mortgages and a strong quarter a year ago, when the bank gained $1.4 billion after unloading its retail operations.