Arab Today, arab today bank of america reports 91 bn second quarter loss
Last Updated : GMT 07:10:20
Arab Today, arab today
Arab Today, arab today

Bank of America reports $9.1 bn second quarter loss

Arab Today, arab today

Arab Today, arab today Bank of America reports $9.1 bn second quarter loss

New York - AFP

Bank of America on Tuesday reported a net loss of $9.1 billion in the second quarter, in line with expectations after it agreed to pay out an $8.5 billion settlement over subprime mortgage claims. The bank\'s revenues in the April-June period were $13.2 billion, a drop of 55 percent from the same period last year. Analysts had expected revenues of $12.3 billion. Bank of America\'s earnings amounted to a loss of 90 cents per share, in line with forecasts after its record settlement over losses on mortgage-backed securities. Without exceptional items -- most prominently the mortgage settlement -- the giant bank would have posted a profit of $3.7 billion, or 33 cents per share. \"Obviously, the solid performance in our underlying businesses continues to be clouded by the costs we are absorbing from our legacy mortgage issues,\" chief executive Brian Moynihan said in a statement. Bank of America\'s shares rose 0.5 percent in pre-market trading after the release of the earnings report. The $8.5 billion payout to 22 large private investment groups was meant to settle issues from the bank\'s disastrous 2008 acquisition of Countrywide Financial, once one of the biggest US mortgage lenders. Along with that payout, Bank of America set aside $5.5 billion for pending liabilities to other investors not included in the settlement. Until 2008, Countrywide played a leading role in generating mortgages that were bundled into securities and resold to investors. Following a downturn in the US housing market, many homeowners fell behind on their payments and such mortgage-backed securities plunged in value, triggering the global financial crisis. Bank of America, the largest bank in the United States in terms of deposits, hoped to put the subprime mortgage collapse behind it with the costly settlement.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bank of america reports 91 bn second quarter loss Arab Today, arab today bank of america reports 91 bn second quarter loss

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bank of america reports 91 bn second quarter loss Arab Today, arab today bank of america reports 91 bn second quarter loss

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Italy regions back 'big bang' autonomy

GMT 07:10 2017 Monday ,23 October

Italy regions back 'big bang' autonomy
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Syrian children die of hunger

GMT 19:25 2017 Sunday ,22 October

Syrian children die of hunger
Arab Today, arab today Maltese demand justice for murdered

GMT 06:08 2017 Monday ,23 October

Maltese demand justice for murdered
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:07 2017 Sunday ,22 October

15,000 Under Fives Die

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday