Bank of America Profit Tumbles

IndyRon · ALIPAC New Recruit! Joined: Feb 06, 2007 Posts: 6

Certainly looks like the loss of a few ten thousand banking customers can make a difference...

http://www.newsmax.com/headlines/bank_of_america/2007/10/18/42001.html

Bank of America Profit Tumbles
Thursday, October 18, 2007 12:54 PM

Bank of America Corp, the second-largest U.S. bank, posted a much larger-than-expected 32 percent drop in quarterly profit on Thursday, hurt by mounting credit losses and dismal investment banking results.

The news, the latest in a series of disappointing bank results, dampened confidence about the health of the U.S. consumer and the economy.

Stocks fell, bond prices rose, and the dollar tumbled to a record low against the euro. Expectations rose that the Federal Reserve will cut interest rates this month.

"We knew the credit situation was going to be bad, but this was worse than expected," said Michael Mullaney, who helps invest $10 billion at Fiduciary Trust Co. in Boston and owns the bank's shares.

"What causes us concern is the increase in reserves doesn't appear aggressive, and the bank may need to reserve more in the future, which hits earnings," he said. "The real surprise was investment banking, where revenue plunged."

Bank of America's third-quarter net income fell to $3.7 billion, or 82 cents per share, from $5.42 billion, or $1.18 a share, a year earlier.

Excluding one-time items, profit was 84 cents per share, according to Reuters Estimates, below analysts' average forecast of $1.06.

Corporate and investment banking profit sank 93 percent to $100 million, from $1.43 billion, as revenue sank 44 percent. Results were hurt by a surprise $607 million trading loss, $247 million of write-downs for leveraged and other loans, and a $527 million loss from structured products, including mortgage debt.

Shares of Bank of America fell $1.80, or 3.6 percent, to $48.23 in morning trading on the New York Stock Exchange.

CEO DISAPPOINTED
Bank of America joined Citigroup Inc, JPMorgan Chase & Co and other banks in reporting losses related to leveraged loans, mortgages, consumer credit, or a combination.

Quarterly profit fell 57 percent to $2.38 billion at Citigroup, which lost $636 million from fixed-income trading. Profit rose 2 percent to $3.37 billion at JPMorgan.

"While the significant dislocations in the capital markets have hurt most participants, we are still very disappointed in our third-quarter performance," Bank of America Chief Executive Kenneth Lewis said in a statement.

The bank's results were a surprise given that its investment bank is smaller, relative to the company's size, than Citigroup's or JPMorgan's, and because the bank is not involved in some riskier markets, including subprime mortgage lending.

Nevertheless, the bank generates a greater portion of its business domestically, leaving it more exposed to declining economic conditions.
Bank of America said it set aside $2.03 billion for credit losses, up more than 73 percent from a year earlier, and nonperforming assets doubled to $3.37 billion. It cited weakened housing conditions for some of the increases.

"Rising nonperforming assets would argue for a continued increase in reserves," said Chris Hagedorn, who helps invest $22.4 billion at Fifth Third Asset Management in Cincinnati.

CONSUMER PROFIT FALLS
Revenue fell 12 percent to $15.93 billion, the bank said. Analysts on average expected $18.01 billion.

Return on equity fell to 11.02 percent from 16.64 percent.

Profit from consumer and small-business banking, the bank's main business, fell 16 percent to $2.45 billion.

Lending income was little changed at $8.62 billion, as net interest margin fell to 2.61 percent from 2.73 percent a year earlier, though it rose from 2.59 percent in the second quarter.

Consumer and business banking profit may rise in future quarters following the bank's $21 billion purchase on October 1 of ABN AMRO Holding NV's LaSalle Bank.

Wealth and investment management profit rose 17 percent to $599 million, helped by the $3.3 billion purchase three months ago of Charles Schwab Corp's US Trust private banking business.

The bank ended the quarter with $1.58 trillion of assets.

As of Wednesday's close, Bank of America shares had fallen 6 percent this year, compared with a 12 percent drop in the Philadelphia KBW Bank Index .

CCUSA · Posted: Fri Oct 19, 2007 3:46 pm Post subject:

Boo Hoo!! No sympathy. They should be called Bank of illegal aliens.

Cliffdid · Posted: Fri Oct 19, 2007 4:04 pm Post subject:

Hmm don't seem all your illegal customers are helping you out much. Maybe you should have listened to the customers that have left you recently LIKE ME ha ha!!!!!!

redbadger · Posted: Fri Oct 19, 2007 4:22 pm Post subject:

Where is a tissue when you need one
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wilro · Posted: Fri Oct 19, 2007 6:50 pm Post subject:

GOOD!!!!!! Let it tumble down so far that they can't recover!!!!!!!!!!! Screw you Bank of America!!!!!!!!!!!!!!!!!!!!

Berfie · ALIPAC Adept 2 Joined: Feb 25, 2007 Posts: 216

Why can't there be a bank catering to Americans ONLY, and call it the Patriot Bank or something Smile

I am sick of these banks catering to illegals. Well I'm glad they had a loss. Now I don't want them coming back and crying to us to become their customers. Heck, if they betray us once, they can betray us again.

Catslave · ALIPAC Titan Joined: Mar 13, 2007 Posts: 803 Location: TN

Do you think it could be anything they did? Wink

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LAWS!

mkfarnam · Posted: Sat Oct 20, 2007 3:43 am Post subject:

I closed 4 accounts with them
1savings
1checking
and 2 business
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Bowman · Posted: Sat Oct 20, 2007 11:47 am Post subject:

I hope these traitors go out of business. I literally torched my credit card and mailed it back to them. I found out credit cards are hard to burn, I had to use a propane torch!

Ex_OC · Posted: Sat Oct 20, 2007 1:17 pm Post subject:

YES, THERE IS A GOD!!!
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PRESS 1 FOR ENGLISH. PRESS 2 FOR DEPORTATION.

redbadger · Posted: Sat Oct 20, 2007 7:04 pm Post subject:

JAK · ALIPAC Moderator Joined: Jun 20, 2006 Posts: 5159

So happy to hear this!!! This must be why I am seeing their commercials a lot lately...wanting business...THEY CAN'T HAVE!!!!! ha ha ha!!!!!!!!!! Very Happy

Americans are tired of doing business with TRAITORS!!!!!!!!!!!! Evil or Very Mad

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Are we going to allow "dirty, crooked politicians" bought and paid for by EVIL men/women to destroy our country...or are AMERICANS GOING TO STAND AS ONE AND TAKE OUR COUNTRY BACK?!!!!!!

SicNTiredInSoCal · Posted: Sat Oct 20, 2007 8:17 pm Post subject:

GO DOWN IN FLAMES B OF A!!!!!!!

Twisted Evil

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American · ALIPAC Adept Joined: May 23, 2006 Posts: 192

Wonderful news. Go get your profits from the illegals you sold out real Americans to.

koobster · ALIPAC Hero Elite Joined: Mar 13, 2007 Posts: 1720

OH well........

I have closed my accounts...
Daughter closed hers too......

Looks like bank of amexcio.... can take care of the ILLEGALS
Good luck TRYING to get your money when you give them FREE credit CARDS......

NOamNASTY · ALIPAC Hero Elite Joined: Sep 17, 2007 Posts: 1690

Just got back from Bank America closing all accounts there .

They ask why and my husband told them because they give credit cards and loans to illegals . She said the president told them to give out $500 credit cards to all illegals ! She said she doesn't like him either, but didn't say why . The one who signed the check was very upset but didn't say anything . Maybe if that bank folds and they lose their jobs like millions of other Americans , they will get it , { If what i read was correct, they were giving illegals $200,000 loans to buy homes }.

Also hubby told them that he is not prejudice and the legal aleans are losing their livihood too . One Mexican who is on our side has lost his home, business, and his family are about to starve from the hiring of illegals that take his job .

"The banker woman said well I'll just keep this card since your closing your account " , 'hubby said 'good' lets see you cut it up '! she cut it up .

NOamNASTY · ALIPAC Hero Elite Joined: Sep 17, 2007 Posts: 1690

anyone have the list of banks who don't cater to illegals ?

we put money into a small bank until we find one who is actually an American bank.

Nomoremex · ALIPAC Master Joined: Oct 05, 2005 Posts: 406

Love it ! Love it! LOVE IT !!

The next best thing is for homebuilders who hire thousands of illegal mexicans to build homes in the chicago area to declare bankruptcy, OH, THAT"S RIGHT, one of them did yesterday;Neuman Homes in chicago. Ryland and the rest can't be far behind?

Let's see how many Americans are laid off in comparison to the illegal mexicans they hired and let's see how the American construction workers take it? Will they let their unions fill up with illegals while their American brethren are laid off or will they fight their unions for American worker rights? We'll see...

hattiecat · ALIPAC Master Joined: May 20, 2007 Posts: 447

You are right about illegals in the construction industry. In North Carolina you never ever see an English speaking crew anymore. When my house was built 10 years ago, the crew was all young American men, most with families. The whole building industry has been taken over now.

SecureTheBorder · Posted: Tue Oct 23, 2007 5:10 pm Post subject:

Put me on the list of people who will no longer do business with BOA. My BOA contact called me a couple weeks ago and asked me if I was in need of a new loan and I told her to take my name out of her database because I no longer do business with "Banco de las Americas". Based on her reaction, I'd say she gets that response pretty often...

SOSADFORUS · Posted: Tue Oct 23, 2007 5:59 pm Post subject:

WAY TO GO "SecureTheBorder" and Welcome to "ALIPAC" please stay around and help us activist STOP the "Dream Act" it is amnesty for millions!!

------------ACTION ALERT! ----------------------
10/23"DREAM ACT" UP AS A STAND ALONE BILL" HELP STOP NOW!!
WE NEED ALL ACTIVISTS CALLING NOW!!!GET INVOVLED PLEASE!!!THIS IS A HUGE AMNESTY !!!
Link to action thread!!
http://www.alipac.us/modules.php?name=Forums&file=viewtopic&t=87045
Contact Info...Senators, Representatives & USEFUL INFORMATION
http://www.alipac.us/modules.php?
.........ALSO.......
We need callers to help stop NY from giving a license to illegal aliens!! ...ACTION THREAD LINK BELOW!!WITH INSTRUCTIONS
http://www.alipac.us/ftopict-87779.html
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AUT*AGERE*AUT*MORI (EITHER ACTION OR DEATH)

invadersgetout · Posted: Tue Oct 23, 2007 6:09 pm Post subject:

we caused a 16% drop in their domestic customer business!

BWAAHAHAHAHAHAHAHAHAHAHAA

so nice to see traitors get what's coming to them.

ALIPAC · Posted: Fri Oct 26, 2007 8:54 am Post subject:

added to the homepage with the following note

http://www.alipac.us/article2668.html

ALIPAC NOTE: Bank of America is feeling the impact of the historic boycott launched by over 100 organizations in the NIIBC (National Illegal Immigration Boycott Coalition) seven months back due to BofA's issueance of credit cards to illegal aliens. For more information, click on the boycott logo on the right --->

The Boycott Website is at www dot bankofamericaboycott.com
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Vox populi vox Dei
Ad majorem Dei gloriam

Illegal Immigration

SOSADFORUS · Posted: Fri Oct 26, 2007 9:03 am Post subject:

See, Miracles do happen!! and every DOG gets its day!! Thank you Lord!!
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AUT*AGERE*AUT*MORI (EITHER ACTION OR DEATH)

ThaHound · Posted: Wed Apr 09, 2008 1:44 am Post subject:

Did they think we were joking? Guess what BOA? BOYCOTTS WORK!!
I quit Bank of America many years prior to their true colors showing with their catering to illegal aliens. But I helped get the word out with my many networking groups, freinds and email associates. Let's face it there were banks with much more to offer even before BOA prostituted itself with the illegal LAWBREAKERS of Mexico sucking off the American tax dollars. When BOA shuts its doors for good then we can really celebrate!