Arab Today, arab today bank of america reports 91 bn second quarter loss
Last Updated : GMT 11:19:03
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.

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 Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
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