Bank of America profit drops steeply
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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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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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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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Freddie Mac yesterday reported that its second-quarter profit fell by nearly half, in part because it set aside more money to cover expected losses from defaults on mortgages.
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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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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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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.
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Countrywide Financial Corp , the largest U.S. mortgage lender, said on Tuesday second-quarter profit fell as mortgage banking pre-tax earnings declined by about half.
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Bank of America Corp. , the second-largest U.S. bank, said on Thursday that second-quarter profit rose 5 percent as growth in capital markets activity and consumer fees offset an increase in credit losses.
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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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The bank said fourth-quarter net income fell to $11.1 million, hurt by a tripling of credit losses and a bailout of money market mutual funds.
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M&T Bank Corp , the first large U.S. bank to report fourth-quarter results, said on Monday that profit tumbled 70 percent, hurt by debt write-downs and turmoil in residential real estate markets.
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Bank of America Corp. , the No. 3 U.S. bank, on Tuesday said fourth-quarter profit rose 41 percent, helped by growth in consumer banking fees and its purchase of FleetBoston Financial Corp.
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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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Bank of America Corp. , the second-largest U.S. bank, said on Thursday quarterly profit rose 5 percent, as private equity and investment banking gains offset lower retail banking earnings and worsening loan quality.
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Bank of America Corp. , the nation's largest retail bank, reported yesterday that third-quarter earnings plummeted 32 percent because of problems in mortgage and credit markets. But analysts said the bank's woes are unlikely to have an effect on consumers or businesses in Massachusetts, a market the bank dominates.
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Bank of America Corp. , the second-largest U.S. bank, said on Thursday quarterly profit rose 5 percent, topping analyst estimates, as gains from private equity and investment banking offset lower retail banking earnings and worsening loan quality.