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Bank of America sees $194m loss Bank of America sees $194m loss
(9 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.
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, but taking the impact of this into account, it made a loss of $5.2bn.
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.
For the whole of 2009, Bank of America made a net profit of $6.3bn, an increase on the $4bn profit it made in 2008.
'Disappointing' loss
"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. Bank of America received the Tarp money after agreeing to buy Merrill Lynch in September 2008 in a deal worth $50bn.
The chief executive at the time, Ken Lewis, was widely criticised for going ahead with the purchase of Merrill, and he left the bank at the end of 2009.
His successor, Mr Moynihan, was upbeat looking at the year ahead.
"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," he said.
"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."