Home Uncategorized Bank of America posts $1.2 bn quarterly loss

Bank of America posts $1.2 bn quarterly loss

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Bank of America, the biggest US bank, reported Friday a net loss of $1.2 billion for the fourth quarter, citing a hefty charge in its home loans and insurance segment.

Excluding the $2.0 billion charge for goodwill impairment amid the housing foreclosure, Bank of America said it would have earned a profit of $756 million.

The $1.2 billion loss compared with a $194 million loss in the 2009 fourth quarter.

For the 2010 full-year, the big bank reported a net loss of $2.2 billion, weighed down by a $12.4 billion charge.

New York, Jan 21, 2011 (AFP)