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Bank Of America Posts $1B Loss On Bad Loans

Profiles - Posted: October 16, 2009

Losses on loans at the Charlotte bank, the nation's largest bank by assets, more than offset strong revenues from trading and investment banking, businesses bolstered by its controversial acquisition of Merrill Lynch.

The bank reported a $1 billion net loss for the third quarter, its first this year, as it posted $9.6 billion in permanent losses tied to an array of bad debt, including mortgages, home equity loans, credit cards and loans tied to commercial real estate. Its levels of nonperforming loans - or loans that may soon become uncollectible - also mostly rose across the board.

Click here to read full report

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Joseph Ajilore

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