Tags: bank | of | america

Bank of America Profit Q3 Profit Weaker-than-Expected

Monday, 06 Oct 2008 04:47 PM

Bank of America Corp, the largest U.S. bank, reported weaker-than-expected quarterly earnings on Monday, slashed its dividend and said it would seek to raise $10 billion in additional capital.

Bank of America, which announced its earnings two weeks early, said third-quarter profit dropped to $1.18 billion, or 15 cents a share, from $3.70 billion, or 82 cents a share, a year ago.

Analysts looked for earnings per share of 60 cents, excluding one-time items, according to Reuters Estimates.

Bank of America warned that credit quality continued to weaken during the quarter, and said the economy has moved to a "recessionary environment."

"I'm sure it's a surprise. It's another tile in the mosaic. Things are not good with financial companies. This reflects it. This has to be a disappointment," said Lou Brien, market strategist at DRW Trading in Chicago.

© 2015 Newsmax. All rights reserved.

1Like our page
2Share
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved