Bank of America Reports $1.2 Billion Quarterly Loss

Bank of America has reported its second straight quarterly loss, $1.2 billion for the last three months of 2010 after a devaluation of its mortgage business. —JCL

The BBC:

Bank of America has reported a second straight quarterly loss, driven by a $2bn (£1.25bn) writedown of its mortgage business.

The bank announced a net loss of $1.2bn in the last three months of 2010, compared with a $5.2bn loss a year ago.

However, last year’s results included a $4bn charge related to the government’s Troubled Asset Relief Program (Tarp).

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