Bank of America posts $1b loss
Despite early signs of a fledgling recovery in the US financial sector, Bank of America Friday highlighted ongoing economic struggles posting a net quarterly loss of 1.0 billion dollars.
Amid hefty write-downs and growing consumer loan problems, the total loss for shareholders in the third quarter was even larger, at 2.24 billion dollars, or 26 cents per share, five cents worse than expected by most analysts.
The news came just after three other major US banks reported healthy third quarter results, suggesting the US financial sector may be slowly recovering from its worst crisis in decades even as the US economy has yet to emerge from recession.
Citigroup, which was drowning in losses in 2008 stemming from the collapse of the US housing bubble and the worldwide financial squeeze, topped expectations, posting a profit of 101 million dollars on Thursday.
While Goldman Sachs announced a profit of 3.19 billion dollars in the third quarter, more than triple the amount from a year earlier.
These results came on the heels of JPMorgan Chase, which said on Wednesday its quarterly profit had jumped to 3.6 billion dollars.
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