Bank of America's profit drops 77 percent in first quarter

[JanMichael]

Source: Yahoo news

CHARLOTTE, N.C. (AP) -- Bank of America Corp. said Monday its profit fell 77 percent in the first quarter, hurt by trading losses and a $3.3 billion increase in reserves for problem loans.

The Charlotte-based bank, set to acquire troubled subprime mortgage lender Countrywide Financial Corp. later this year, reported earnings of $1.21 billion, or 23 cents per share, on $17 billion in revenue. That compared with net income of $5.26 billion, or $1.16 a share, a year earlier on $18.16 billion in revenue.

More at link:
http://biz.yahoo.com/ap/080421/earns_bank_of_america.html


Read more: http://biz.yahoo.com/ap/080421/earns_bank_of_america.html

[Captain Hilts]

1. Then maybe they should stop sending out all that junk mail. Boo @*#! hoo. nt

[JanMichael]

2. but, that's marketing!

;)

I agree---straight to the trash can for that crap. I wish we had a wood burning stove.

[paparush]

8. No sh#T! I've been a BOA customer for years and I could paper my home

4 times a year with the amount of crap they mail out.

[xchrom]

3. oh. that's not good. nt

[RebelOne]

4. No, that is not good. That's my bank.

[xchrom]

7. yeah -- i've got credit cards with them.

i'm not anxious for many bad things to happen to them.

although it seems that every so many years they make some real bone headed economic decisions that gets them in hot water.

[ckramer]

5. The Fed will use taxpayers' money to bail them out

Big banks are guaranteed by USA style socialism, no problem.

Profitable, they win; unprofitable, they win; huge loss, they win.

It's good bussiness to be in banking business.


You and me foot the bill. No exceptions.

[Phred42]

6. SOmething is up - I smell Scam

I just don't believe all of these Vulture Banks crying poverty.

Got nothing to back this up - I just don't trust them or believe them.
They're setting us up for something big.

Heads up

[onehandle]

9. Worst bank in America. They are horrible to deal with.

When my wife's mom died, they were abusive and tried to take advantage of us as we were grieving.

They wanted to keep her estate attached to them any way they could.

Pricks.

[CountAllVotes]

10. same experience here!

My god I thought they were going to have me hauled away by their "security" when I presented my mother's power of attorney. She was dying, dying of cancer. FUCKERS!!! :mad:

May they reap what they have sowed!

:kick:

[OKthatsIT]

11. The Banks are merging...monopolizing is good

just being sarcastic here.

[DebbieCDC]

12. Great -- couldn't happen to a nicer bunch of crooks

I finally had it last week with BoA's BS fees and holding deposits, etc. Marched off to the locally owned and operated bank to set up accounts. I hope to see BoA's ATMs turned into stamp dispensers or soda machines when they have to sell off the hardware. Bo

[bikebloke]

13. Golly, does that lay-offs?

All those relatives collecting free paychecks without working. I worked there as a survival job. We lowly proles worked, while the "royalty" sat around socializing, planning drinking sessions and vacations together. You can bet the workers will get the shaft.

[alstephenson]

14. Oh, poor B of A.....

They only made $1.21 billion in profits IN THE FIRST QUARTER. WTF? I mean, really, WTF???