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Bank of America posts $1.6 bn Q4 loss

Financial services major Bank of America reported a loss of USD 1.6 billion in the 2010 December quarter.

Written by Agencies | New York |
January 21, 2011 11:26:24 pm

Financial services major Bank of America today reported a loss of USD 1.6 billion in the 2010 December quarter,bogged down by an impairment charge of USD 2 billion related to home loans and insurance business.

In the year-ago period,the entity had a loss of USD 5.2 billion. BofA’s revenues declined to USD 22.4 billion in the last three months of 2010 as compared to USD 25.1 billion in the same period a year ago.

“… (the fourth quarter results) include the previously announced goodwill impairment charge of USD 2 billion in the home loans and insurance segment.

“Excluding the goodwill impairment charge,the company earned USD 756 million,” BofA said in a statement.

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According to the firm,the fourth-quarter results also include USD 1.5 billion in litigation expenses — that excludes fees paid to external legal service providers — mainly in the consumer businesses.

BofA’s results come after mixed showing by other Wall Street giants such as Citigroup and Goldman Sachs. For the full year 2010,BofA incurred goodwill impairment charges to the tune of USD 12.4 billion.

“During the year,the company also recorded USD 2.6 billion in litigation expenses and USD 6.8 billion in representations and warranties provision…,” the statement noted.

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