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Friday, Mar 29, 2024

Bank of America net down 77% on credit losses

NEW YORK — Bank of America Corp., the largest U.S. retail bank, said quarterly profit fell a larger-than-expected 77%, dragged down by more than $5 billion of write-downs and credit-related costs. Results fell short of analyst forecasts as more consumers and businesses fell behind on debt payments. It followed weak earnings reports at rivals such as Citigroup Inc., JPMorgan Chase & C.o and Wachovia Corp. “These results clearly did not meet our expectations,” Chief Executive Kenneth Lewis said. “The weakness in the economy and prolonged disruptions in the capital markets took their toll.” For the full story visit http://www.latimes.com/business/la-fi-bofa22apr22,0,2472993.story

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