Bank of America Tumbles further from economics, boycott, and illegals!
Posted on Thursday, January 24 @ 09:52:08 EST
Topic: Boycott Bank of America
|
 ALIPAC NOTE: While much of Bank of America's financial troubles arise from broader economic trends, the Bank of America Boycott and loses from giving credit to illegal aliens is taking a toll on the bank as well!
---
Bank of America's fourth-quarter profit falls on credit losses
By IEVA M. AUGSTUMS, AP Business Writer 23 minutes ago
CHARLOTTE, N.C. - Bank of America Corp. said Tuesday its fourth-quarter
earnings fell 95 percent, hurt by mounting credit losses and weak
investment banking results.
Net income at the Charlotte-based bank dropped to $268 million, or
5 cents per share, in the three months ended Dec. 31 from $5.26
billion, or $1.16 per share, a year ago.
The bank's revenue fell 32 percent to $12.67 billion from $18.49 billion last year.
The quarter included results from LaSalle Bank, which Bank of America purchased on Oct. 1.
Analysts expected earnings of 18 cents per share on revenue of
$13.24 billion, according to a poll by Thomson Financial. The earnings
estimates typically exclude one-time items.
In premarket trading, Bank of America shares were down $1.92 at $34.05.
Crosstown rival Wachovia said its fourth-quarter earnings tumbled
to $51 million, or 3 cents per share, from $2.3 billion, or $1.20 per
share, during the same period the previous year.
Excluding merger-related expenses, Wachovia earned $160 million, or 8 cents per share, during the fourth quarter.
Topics: illegal immigration, Bank of America, Bank of illegal aliens, credit cards for illegals, home mortgages for illegal aliens, stocks, prices, National Boycott, Boycott, bankofamericaboycott.com
Analysts polled by Thomson Financial, on average, forecast earnings of 33 cents per share for the quarter.
Wachovia, the nation's fourth-largest bank, took a $1.7 billion write-down during the quarter due to weakening credit markets.
Wachovia shares were down $1.10 at $29.70 in premarket trading.
Results at Bank of America reflected $5.44 billion of trading losses,
compared with profits of $460 million a year earlier. This reflected a
$5.28 billion write-down related to collateralized debt obligations,
which the bank said reduced trading profit by $4.5 billion and other
income by about $750 million.
CDOs are complex investments that combine slices of different kind
of risk and often are backed in part by subprime mortgages — loans
given to customers with poor credit history — as well as other loans.
Bank of America said it also set aside $3.31 billion for possible future credit losses.
"We certainly are not pleased with our performance," Chief
Executive Ken Lewis said in a statement. "We are cautiously optimistic
about 2008, though we believe economic growth will be anemic at best in
the first half."
The news was the latest in a series of earnings declines among the
largest U.S. banks as the nation's housing crisis and a slowing economy
have forced many consumers to fall behind on their bills.
For the year, Bank of America reported earnings of $14.98 billion,
or $3.30 per share, compared with $21.13 billion, or $4.59 cents per
share, in 2006. Revenue fell to $66.32 billion from $72.58 billion a
year earlier.
DISCUSS THIS ARTICLE WITH ALIPAC's ONLINE ACTIVISTS AT...
http://www.alipac.us/ftopicp-595593.html#595593
|
|
| |
| Article Rating | Average Score: 3.83
Votes: 6
| |
|
Contribute/Join
