Bank of America net falls on credit losses
Summary from multiple countries, from articles in English
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Nine months after the crisis in the American mortgage market began to tear through the financial world, the cost to banks, in terms of their own sinking investments, is approaching $300 billion. (article 7)
CHARLOTTE - Bank of America Corp., the second-largest US bank, said profit dropped for a third straight quarter as the company set aside $6.01 billion for bad loans. (article 2)
American and European banks acquired minority stakes in many Asian banks in recent years, hoping to capitalize on fast-growing economies that often had nascent consumer credit businesses. (article 6)
After loading up on Asian assets, could suffering Western banks be forced to sell out? That is what analysts and bankers are asking as Bank of America considers lowering its 9 percent stake in China Construction Bank. (article 5)
Speed is of the essence for financial institutions that construct so-called "bad banks" to ring-fence assets tainted by the credit crisis, according to one of Europe's veterans of financial sector restructuring. (article 9)
Bank of America's Tier-1 capital ratio, a measure of its ability to cover losses, rose to 7.51 percent from the fourth quarter's 6.87 percent after the bank sold $12.9 billion of preferred stock last quarter. (article 1)
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Story keywords
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Bank, mortgage, lending, billion, Credit |
Source articles
- Bank of America net falls on credit losses (boston.com, 04/21/2008, 363 words)
- Bank of America profit off 77% (boston.com, 04/22/2008, 572 words)
- Bank of America profit slashed 77% by bad-loan reserves, trading losses (seattletimes.nwsource.com, 04/21/2008, 450 words)
- Write-downs hurt Bank of America (BBC News, 04/21/2008, 407 words)
- Mergers, Acquisitions, Venture Capital, Hedge Funds - (dealbook.blogs.nytimes.com, 04/21/2008, 523 words)
- Some Banks Rethink Investments as Money Tightens (nytimes.com, 04/22/2008, 804 words)
- Banks Hunting for More Cash (nytimes.com, 04/22/2008, 1018 words)
- Bay Area financial firms ride out credit storm (sfgate.com, 04/20/2008, 1265 words)
- ‘Bad banks’ must act quickly to ring-fence tainted assets (ft.com, 04/21/2008, 368 words)
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