Bank of America posts loss; adjusted net up

NEW YORK (MarketWatch) -- Bank of America Corp.,the Charlotte, N.C., banking firm, reported a second-quarter net loss of $8.8 billion, or 90 cents a share, against net income of $3.1 billion, or 27 cents, in the year-earlier period. Adjusted net income was 33 cents a share against 27 cents. A survey of analysts by FactSet Research produced a consensus estimate for the quarter of a loss of 85 cents. Bank of America said the results reflected its effort to resolve nearly all the legacy repurchase exposure of Countrywide as well as other mortgage-related costs. Credit costs dropped, sales-and-trading revenue improved and fees from asset management and investment banking climbed, the firm said.{EF470A3F-CCA1-4433-A609-B43A6CBBB427}