Bank of America, Wachovia profits nearly wiped out
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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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JPMorgan Chase &amp; Co. third quarter profits fell 13 percent, mainly because of weakness in trading operations and costs related to its merger with Bank One.
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STAFF WRITER; Staff writers Alan J. Wax and Regina Marie Glick contributed to this story. As Bank of America pushes ahead with its takeover of Fleet Bank, about 1,000 jobs were cut companywide yesterday throughout the Northeast, ...
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CHARLOTTE, N.C.  -- National bank Wachovia Corp. said Tuesday its fourth-quarter earnings tumbled 98 percent due to a $1.7 billion reduction in the value of certain portfolios and $1.5 billion set aside to cover bad loans.
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Wachovia Corp  on Friday posted a 10 percent decline in quarterly profit, missing forecasts, as the fourth-largest U.S. bank suffered $1.3 billion of write-downs at its investment banking unit.
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Business & money: UK life insurer attempts to streamline its business after seeing its profits virtually wiped out last year
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The axe has fallen. Bank of America said it will eliminate 3,000 jobs following its announcement last week of a huge drop in earnings for the third quarter. Most of the layoffs will come from its investment banking unit. BofA also said it was starting a strategic review of its investment banking business, raising [...].
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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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Slashed earnings estimate pulls down shares.
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The Dow was down more than 200 points at one point today as earnings reports from Wachovia and Caterpillar disappointed investors.
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Wall Streetâs first reports since this summerâs credit storm revealed extensive damage, but better-than-expected earnings this week from four brokerage firms offered some comfort.
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Stocks fell on Thursday, after a sharp drop in Bank of America Corp's  earnings stoked worries about the impact of the credit crunch on profits and the economy.
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Aug 19 - Over 1,500 bank tellers and other employees at Fleet bank branches across the US were given pink slips yesterday as Bank of America wraps up its $48 billion April 2004 merger with FleetBoston Financial, according to the Boston ...
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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 said on Tuesday quarterly profit sank 95 percent, hurt by more than $7 billion of losses tied to write-downs, poor trading decisions and mounting credit woes.
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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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The bank was badly hurt by a huge spike in consumer credit costs and the poor performance of its investment banking unit, which has clamored for Wall Streetâs respect.