Friday, January 21, 2011

Bank of America Loses

Bank of America has reported a net loss of $US1.2 billion ($A1.22 billion) for the fourth quarter, including a previously announced charge of $2 billion reflecting a decline in the value of its home loans and insurance business, the company saw profit of $756 million, or 4 cents a share.

Bank of America was the last of the banking giants to disclose its year-end results. Together, their reports provided a measure of the nation's economic condition and the continuing fallout from the real estate meltdown.

Bank of America Loses

Bank of America was among the hardest hit banks during the financial crisis that flared following the collapse of Lehman Brothers in September 2008.

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