Profits plunge at Bank of America
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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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Bank of America Corp  said on Thursday that quarterly profit fell a much larger-than-expected 32 percent, hurt by mounting credit losses and poor trading results in its investment banking unit.
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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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The bank said its fourth-quarter earnings fell sharply,  to $268 million from $5.26 billion a year earlier, hurt by mounting credit losses and weak investment banking results.
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The ATM maker said earnings fell to $79 million in the fourth quarter, reflecting the spinoff of its Teradata software unit.
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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, on Tuesday said fourth-quarter profit  fell, hurt by mounting credit losses and weak investment  banking results.
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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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U.S. Bancorp said its second-quarter profit declined 3.7 percent after a strong gain a year ago.
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National Australia Bank, the country&#39;s biggest lender, has seen its profits slump following a trading scandal. Increased competition and rising costs have also taken their toll, producing what boss John Stewart called a &quot;poor and unacceptable result&quot;.
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Wall Street retreated after Bank of America missed analystsâ earnings expectations and provided further evidence of how the credit crisis has hurt the economy.
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Ford Motor Co.  on Tuesday said earnings will fall this year due to a drop in profit from its finance unit, which it expects to be hit by rising interest rates.
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Morgan Stanley yesterday said third-quarter profit sank 17 percent, as the number two US investment bank was forced to write down nearly $1 billion worth of loans amid the summer's global credit crisis.
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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.
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The Bank of New York Mellon Corp.'s fourth-quarter profit tumbled 68 percent due to its exposure to assets backed by mortgages and a tough comparison to last year, when the bank sold its retail operations for about $1.4 billion.
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The nationâs number 2 buyer and backer of home mortgages saw a 45 percent drop in second-quarter profits after setting aside $300 million to account for bad loans.
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National Australia Bank, the country's biggest lender, sees profits slump following a trading scandal, and amid rising costs and tougher competition.