BofA Loses $1.6B in 4Q
Press release from the issuing company
Monday, January 24th, 2011
Calling 2010 a “repair-and-rebuilding year,” Bank of America Corp. CEO Brian Moynihan said Friday the Charlotte, N.C.-based bank has a plan to improve results in 2011.
But the bank. metro Atlanta's third-largest, also disclosed as much as $10 billion in future mortgage-related losses could loom ahead.
BofA (NYSE: BAC) lost nearly $1.6 billion in the fourth quarter, or 16 cents a share, as it recorded a $2 billion write-down for its distressed mortgage unit. In the fourth quarter of last year, BofA lost $5.2 billion on large provisions for future loan losses.
