This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/8470081.stm
The article has changed 6 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Bank of America sees $194m loss | Bank of America sees $194m loss |
| (31 minutes later) | |
| Wall Street giant Bank of America has reported a net loss of $194m (£120m) in the last three months of 2009. | Wall Street giant Bank of America has reported a net loss of $194m (£120m) in the last three months of 2009. |
| That compared with a loss of $1.8bn in the same period a year earlier, as the bank said it had taken steps to strengthen its balance sheet. | That compared with a loss of $1.8bn in the same period a year earlier, as the bank said it had taken steps to strengthen its balance sheet. |
| It added that it had repaid the $45bn government bail-out money it had received during the financial crisis. | It added that it had repaid the $45bn government bail-out money it had received during the financial crisis. |
| For the whole of 2009, the bank made a net profit of $6.3bn, an increase on the $4bn profit it made in 2008. | For the whole of 2009, the bank made a net profit of $6.3bn, an increase on the $4bn profit it made in 2008. |
| Earlier this week, fellow US bank JP Morgan Chase reported a profit of $3.3bn, while Citigroup said it made a $7.6bn loss in the final quarter. | Earlier this week, fellow US bank JP Morgan Chase reported a profit of $3.3bn, while Citigroup said it made a $7.6bn loss in the final quarter. |
| "While it's disappointing to report a loss for the fourth quarter, there were a number of important accomplishments worth noting," said chief executive Brian Moynihan. | "While it's disappointing to report a loss for the fourth quarter, there were a number of important accomplishments worth noting," said chief executive Brian Moynihan. |
| "First, we repaid the American taxpayer, with interest, for the Tarp [Troubled Asset Relief Program] investment. | "First, we repaid the American taxpayer, with interest, for the Tarp [Troubled Asset Relief Program] investment. |
| "Second, we have taken steps to strengthen our balance sheet through successful securities offerings. And third, all of our non-credit businesses recorded positive contributions to our results. | "Second, we have taken steps to strengthen our balance sheet through successful securities offerings. And third, all of our non-credit businesses recorded positive contributions to our results. |
| "As we look at 2010, we are encouraged by signs the economy is improving, as we have seen in the stabilisation of our credit costs, particularly in the consumer businesses. | "As we look at 2010, we are encouraged by signs the economy is improving, as we have seen in the stabilisation of our credit costs, particularly in the consumer businesses. |
| "That said, economic conditions remain fragile and we expect high unemployment levels to continue, creating an ongoing drag on consumer spending and growth." | "That said, economic conditions remain fragile and we expect high unemployment levels to continue, creating an ongoing drag on consumer spending and growth." |