Bank of America reports losses of over US$2.2 billion
Friday, October 16, 2009
According to the bank, the losses are equal to 26 cents per share, worse than most economic analysts had forecast. In the same period a year earlier, Bank of America had gained $704 million, or fifteen cents per share.
The bank's CEO, Ken Lewis, said in a statement that "[...] credit costs remain high, and that is our major financial challenge going forward. However, we are heartened by early positive signs, such as the leveling of delinquencies among our credit card numbers."
Lewis said that losses from loans would probably continue to increase. In a conference call with analysts, he said that "based on [the] economic scenario, results in the fourth quarter are expected to continue to be challenging as we close the year."
- "Bank of America reports losses" — , October 16, 2009
- Associated Press. "Bank of America loses $2.24B as loan losses rise" — , October 16, 2009