• From The BBC:

    Bank of America has reported a $1bn (£612m) net loss for the three months from July to September, which was worse than had been expected.The figure compares with a net profit of $3.2bn in the previous quarter and $1.2bn in the same period of last year. But the bank’s boss Kenneth Lewis said he was “heartened by early positive signs”, referring to the levelling-off of bad debts from its credit cards. Bank of America is the fourth major US bank to report third-quarter results.
    It was announced on Wednesday that Mr Lewis, who is retiring as chief executive at the end of the year, would not receive any pay or bonus for 2009. He said in the results statement that the figures had been hit by a number of “non-core items” and that “excluding those items, our revenue continued to hold up well”. The report said that although the rate of debts going bad was slowing, “credit costs remained high as most economies around the world remained weak”. Bank of America set aside $11.7bn to cover cre…

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    Posted by Jon @ 11:57 pm

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