event logo 680x180
BN 680x180-01
Stainless Band_Manufacturing Journal MPU_v1
Previous Next

Bank of America posts record quarterly loss of $8.8bn

Bank of America (BoA) has posted its biggest quarterly loss after agreeing an $8.5bn (£5.2bn) settlement related to sub-prime mortgages.

The US's largest bank made a loss of $8.8bn in the three months to the end of June, lower than analysts had expected.

Included in the losses are payments to investors and insurers, and charges for future claims over home loans.

The bank's revenues for the quarter were $13.2bn, down 55% from a year ago.

On 29 June, BoA announced it would take a series of one-off charges after private investors demanded the bank repurchase toxic home loans held in mortgage-backed securities.

The investors claimed BoA's home loans division used misleading information when it sold mortgage-backed securities that later defaulted during the global financial crisis.

Excluding the charges, analysts said the BoA's core operations were making progress.

"At least they're making progress. Their losses do continue to come down, away from mortgages," said Brian Charles, analyst at RW Pressprich.

BBC News

    linia nr wariant główny main route pozostałe warianty other routes kierunek
seattle property management