January 20, 2010

Bank of America Reports Losses

On the heels of Citibank's reported losses for the quarter and full year after repayments of TARP bailout funds, Bank of America reported losses for those periods as well, after TARP repayments. For the fourth quarter, Bank of America reported a $5.2 billion net loss after repaying TARP funds, or $0.60 per diluted share. In the fourth quarter of 2008, the bank had a $2.4 billion net loss, or $0.48 per diluted share.

For the full year, Bank of America reported a net loss of $2.2 billion, or $0.29 per diluted share versus 2008 net income of $2.6 billion, or $0.54 per diluted share.

See the full news release from Bank of America, here.

See related Citibank news, here.

Comments? Please send them to kmcbride@wealthmanagerweb.com. Kate McBride is editor in chief of Wealth Manager and a member of The Committee for the Fiduciary Standard.

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