Bank Of America Earnings Much Lower Than Expected

Reuters Via Yahoo:

Bank of America Corp, the second-largest U.S. bank, posted a much larger-than-expected 32 percent drop in quarterly profit on Thursday, hurt by mounting credit losses and dismal investment banking results.

The news, the latest in a series of disappointing bank results, dampened confidence about the health of the U.S. consumer and the economy. Stocks fell, bond prices rose, and the dollar tumbled to a record low against the euro. Expectations rose that the Federal Reserve will cut interest rates this month.

"We knew the credit situation was going to be bad, but this was worse than expected," said Michael Mullaney, who helps invest $10 billion at Fiduciary Trust Co. in Boston and owns the bank's shares.

Read the whole story: Reuters Via Yahoo

Comments

[mediamarv]

BofA lost it when they destroyed the CA original.
NC is for WWJD freaks, no clue as to what customer service is about.
No pity here.

[ohiomark]

That's what you get when you give credit cards to illegal aliens.

I cancelled my Bank of America card last month.

[nomoredead]

C'mon people, I don't think we are getting the full story here. OK...there are a lot of foreclosures in Detroit and Riverside, CA..but is this enough to bring all of these institutions and some European banks to their knees to the tune of hundreds of billions ??? Something is fishy here and I think the banks are using the sub-prime mess to cover up something much bigger.

[BobHanssen]

The DJIA has now been down every day since the Fox Biz Channel went on the air. Coincidence? I think not. Won't be a happy hour this Friday.

[NewRiver]

Spurious Correlation alert, but thanks for playing Bob.

[theeconomicfractalist]

At the Break Point...

The terminal x/2.5x/2.5x maximal fractal growth pattern for Bank of America was discussed in the last economicfractallist post. Its recent past, ongoing, and coming losses are staggering. The financial and banking industries are and will serve as ready US borrowers of last resort - along with the US government - borrowing from the central bank and in the case of the US government - from itself and its future taxpayers. The banking-financial industry will replace the borrowing of the American consumer but the industry's net loss-profit balance will be either negative or marginal for many years. Bad unsound loans were made to capture loan origination fees and market share, derivatives have exponentialized excesses and the outcomes of non sustainable bad guesses - the whole US financial-banking industry and their proxy equities have become, in the last four trading days, the leading economic indicators of the coming devolution. The great Wilshire is at the edge with 11 October, the nominal 217 year high. Now there are four synchronized second fractal's with bases of 70 years, 8 years, 75 weeks, and 17 days. Expect the unexpected....

[Chica]

Did anyone read this one? B of A is being sued in a major ID theft case

http://www.huffingtonpost.com/eric-drew/losing-my-identity-while-_b_68680.html

come on Bank of America, get your act together!

[Wiredwilly]

" Disappointing" Bank Results = They don't own the World

[GladysKnightsPIP]

BERLIN, Germany (AP) -- The 13-nation euro jumped to a new record on Thursday against the U.S. dollar, breaking through the $1.43 mark after Washington reported a spike in jobless claims -- the latest in a spate of bad economic news from the United States.
art.euro.afp.gi.jpg

The euro was trading at $1.43 for the first time since the common European currency was introduced.

The euro rose to $1.4310 after the U.S. Labor Department reported that applications for jobless benefits hit 337,000 last week -- up 28,000 from the week before and the biggest one-week surge since claims jumped 42,000 in the week of February 10.

The euro settled back slightly to $1.4283 -- still up almost a U.S. cent from the $1.4186 it bought in late New York trading on Wednesday, and higher than its previous record of $1.4282 set October 1.

The jobless increase was more than four times the gain of 6,000 that economists had been expecting and was taken as a possible sign that the labor market is starting to weaken under the impact of a severe downturn in housing and the credit crisis that jolted financial markets i

[mrcontinental]

Well you ain't seen nothing yet. The best is yet to come.

[GladysKnightsPIP]

Yep. the dollar is at another all time record low.

The shitforbrains American idiots that still believe they are the 'greatest' are totally naive morons.

[NewRiver]

Aw c'mon PIP, quit holding back.