Bank of America quarterly profit drops 39%

[Amerigo Vespucci]

Source: MSNBC

Bank of America Corp.'s first-quarter income fell 39 percent on higher costs related to its mortgage business and litigation. The bank also settled a claim over faulty mortgage investments and set aside less money to cover soured loans.

The Charlotte, N.C. bank on Friday said it earned $1.7 billion, or 17 cents per share, compared with $2.8 billion, or 28 cents a share in the first quarter of last year. The earnings fell short of the 28 cents a share estimated by analysts surveyed by FactSet.

Revenue fell to $26.9 billion from $32 billion in the same period last year.

"All the businesses have moved back to profitability except our mortgage business," Brian Moynihan, CEO of Bank of America, said in a conference call with analysts.

Read more: http://www.msnbc.msn.com/id/42607719/ns/business-eye_on_the_economy/

[meegbear]

1. *sniff* *sniff* ... I smell major fee increases for a whole lotta BoA suckers ...

I mean customers.

[Taverner]

4. Dump BofA!

[meegbear]

6. Dumped them and been with a credit union for years ...

never looked back.

[Taverner]

10. They bought our loan, so we're stuck with it for some time

For regular banking, however, credit union all the way

[uppityperson]

2. Gee, what a shame. CEO will have to cut his yrly bonus to what? $3.7 billion

[democratXX]

3. How sad

They'll still get their bonuses, though!

[Mnemosyne]

5. More, more, more... I hope we can say juggarnaut soon. K&R n/t

[Poll_Blind]

7. Does Bank of America...

PB

[CountAllVotes]

8. how tragic

:nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity:

:dem: :kick: & recommend.

[Blue_Tires]

9. closed my accounts and zeroed my credit card in '09 and never looked back

thank you, credit unions...

[paparush]

11. Rethugs to blame Obama in 3..2..1

[freshwest]

16. ;)

[thelordofhell]

12. Time to invent a new fee

I know, charge to use the drive-thru!!

[sarcasmo]

15. Debit card usage fee coming to a BOA near you.

[bikebloke]

13. I guess they'll have to lay-off some working employees.

The herd of non-working relatives collecting pay checks certainly won't be touched.


*formally one the workers at Bank of Corruptia

[sarcasmo]

14. Right on, pulling accounts does hurt.

[avaistheone1]

17. Then it must be time at BofA for another round of undeserved and excessive executive bonuses

to reward this type of behavior.

[proud patriot]

18. Wheeeeeeeeee !

If you haven't already Move your money your morgage or any other loan you have with Bank of Unamerican