Surprise! Not really. The largest bank in the world taking some of the largest hits just makes sense. Especially after they bought only one of the largest sub-prime servicers this side of the Mississippi (probably either side). Kenny Lewis has the Czar on his back and on the heals of that these numbers come out. These are just not their days.
Nation’s biggest bank is hit by bad loans. Outgoing CEO Ken Lewis calls credit costs ‘our major financial challenge going forward.’
NEW YORK (CNNMoney.com) — Bank of America proved no match for the ongoing recession as the nation’s biggest bank reported a steep loss Friday.
With Americans continuing to default on their credit cards and mortgages, the company said it lost $2.2 billion in the third quarter, which included several charges related to the government’s move to rescue the firm over the past year.
Bank of America’s results come at a particularly difficult time for the Charlotte, N.C.-based lender and its CEO Ken Lewis.
Last month, the company’s embattled leader announced plans to step down amid ongoing scrutiny over his role in the company’s controversial purchase of Merrill Lynch.
Friday’s results also come just a day after Lewis agreed to a deal not to accept a salary or bonus in his final year as CEO in an effort to deflect some of scrutiny the firm faces.
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http://money.cnn.com/…/bank_of_america_results/index.htm
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