BofA reports $5.2 billion quarterly loss

CHARLOTTE, N.C.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.

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 fourth quarter. The losses are raising concerns about the impact of credit problems on the economic recovery.

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.

Bank of America said $4 billion of its loss came from the costs of paying back $45 billion in government bailout money.

The bank lost 60 cents per share, more than the 52 cents analysts were expecting, according to Thomson Reuters.

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source : pheedo.msnbc.msn.com

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Submited at Wednesday, January 20th, 2010 at 1:00 pm on U.S. Economy by hilman
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