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 Kate McBride is editor in chief of Wealth Manager and a member of The Committee for the Fiduciary Standard.

Related Artices:

Smart Money

Goldman Sachs Chairman and CEO Lloyd C. Blankfein testified that at Goldman Sachs, we do support the extension of a fiduciary standard to broker/dealer registered representatives who provide advice to retail investors." Merrill's Krawcheck Says Reports of Broker Departures to RIA Channel Overblown Speaking to reporters in a teleconference on January 14, Sallie Krawcheck, president of Bank of America Global Wealth and Investment Management, said that broker attrition at Merrill Lynch fell to "an all-time low" in the fourth quarter of 2009.

Merrill Lynch Bringing Back the Bull

Bank of America is staking $20 million in the fourth quarter alone on its relaunch of Merrill Lynch.
Reprints Discuss this story
We welcome your thoughts. Please allow time for your contribution to be approved and posted. Thank you.

Most Recent Videos

Video Library ››