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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Bank of America sees quarterly profits slump 32%, harmed by credit losses and an investment banking slowdown.
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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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Bank of America Corp  and Wachovia Corp , the second- and fourth-largest U.S. banks, on Tuesday said quarterly profits were nearly wiped out by more than $10 billion of credit losses and write-downs.
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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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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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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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Royal Bank of Canada, the country&#39;s largest bank, said fourth-quarter profit fell 37 percent after the bank took aC$255 million ($215 million) charge to write down its US mortgage unit and to cut 1,660 jobs.
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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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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 turbulence in residential real estate markets.
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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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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.
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Morgan Stanley, the second-biggest US securities firm, said Wednesday its fiscal third-quarter profit tumbled 34 percent, falling short of estimates, as bond trading plunged.
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Financial companies led Wall Street lower on Thursday after a sharp drop in Bank of America Corp's  earnings stoked worries about the extent the credit crunch has hurt the economy and profits.
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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 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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Bank of America Corp. BAC.N, 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.