{"id":203593,"date":"2010-01-20T07:48:00","date_gmt":"2010-01-20T12:48:00","guid":{"rendered":"http:\/\/www.businessinsider.com\/another-banking-miss-bank-of-america-is-light-on-revenue-and-earnings-posts-52-billion-loss-2010-1"},"modified":"2010-01-20T07:48:00","modified_gmt":"2010-01-20T12:48:00","slug":"another-banking-miss-bank-of-america-is-light-on-revenue-and-earnings-posts-5-2-billion-loss","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/203593","title":{"rendered":"Another Banking Miss: Bank Of America Is Light On Revenue And Earnings, Posts $5.2 Billion Loss"},"content":{"rendered":"

\"bank<\/p>\n

Bank of America (BAC), continuing a trend set by Citigroup and JPMorgan, is coming in a bit light on earnings:<\/p>\n

—-<\/p>\n

AP: Bank of America Corp. says it lost $5.2 billion during the final three months of 2009 as consumers struggled to make their mortgage and credit card payments.<\/p>\n

The bank’s results, released Wednesday, followed the pattern of JPMorgan Chase & Co. and Citigroup Inc., which reported continuing losses for their lending operations during the third quarter. The losses are raising concerns about the impact of credit problems on the economic recovery.<\/p>\n

The Charlotte, N.C.-based bank set aside $10.1 billion to covered soured loans during the quarter, nearly 14 percent less from the previous quarter. But it also reported big losses in its mortgage and credit card businesses.<\/p>\n

Bank of America said $4 billion of its loss came from the costs of paying back $45 billion in government bailout money.<\/p>\n

The bank lost 60 cents per share, more than the 52 cents analysts were expecting, according to Thomson Reuters.<\/p>\n

The bank’s stock was down 7 cents at $16.25 in pre-opening trading.<\/p>\n

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