The same morning it revealed a $20 billion capital injection and a government loss backstop, Bank of America (BAC) says it lost $1.79 billion in the quarter. Until recently, some analysts had still been predicting a profit in the quarter (ha).
The results don’t include Merrill, which lost a whopping $15 billion in the quarter.
This stat highlights how rapidly things deteriorated at the end of last year: “Nonperforming assets were $18.23 billion or 1.96 per cent of total loans, leases and foreclosed properties, compared with $13.58 billion, or 1.45 per cent, at September 30 and $5.95 billion, or 0.68 per cent, at December 31, 2007.”
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