Bank of America profit falls 68%, firm cuts dividend

[tismyself]

Source: Wall Street Journal Market Watch

The headline of a previous version of this story gave the incorrect percentage drop in Bank of America's net income. The correct percentage is 68%.

NEW YORK (MarketWatch) -- Bank of America said Monday its third-quarter profit slid below analysts' estimates, and announced a dividend cut and stock offering aimed at positioning it for an eventual recovery.

The company said it earned $1.18 billion, or 15 cents a share in the quarter, a 68% fall from the $3.70 billion, or 82 cents a share, in the same period a year ago. Analysts polled by FactSet Research had expected earnings of 61 cents a share.

Chairman and Chief Executive Ken Lewis cited rising charges for soured credit market investments and higher credit card charge-offs. He said in a prepared statement that, "These are the most difficult times for financial institutions that I have experienced in my 39 years in banking."


Read more: http://www.marketwatch.com/news/story/bank-america-profit-falls-68/story.aspx?guid=%7B94D5C066-72AF-4F1A-94B6-D6D118F8E4BC%7D&dist=msr_13

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Uh huh.

[RUMMYisFROSTED]

1. In other news, BAC to give $10B stock offering to CEO.

[Union Thug]

2. Yikes. Guess I'd better start making room in my mattress. Gonna need a new bank soon.

[Tutonic]

3. Hallelujah!!! Thank you Jesus!!! I just sent in my credit card payment

and cussed these Mofo's out on the phone--the guy humg up on me. They raised my interest rate to 21%!!!!!!What in the Hell are they thinking that I'm going to lead the charge and pay off the National Debt!!!This bank is tied to the Vatican and full of unseemly turds!!! If their stock falls to minus 10 cents it won't be far enough in the hole for me! Also saw that former CEO endorsed Obama today--Obama should reject his endorsement. This bank is full of criminals and they charge you money for every transaction! Let Bank of America fail, fail, fail!

[ingac70]

4. The offered me a...

$50,000 dollar personal loan in the mail a couple of weeks ago. No collateral. So much for a credit crunch.

If I had a job to pay it back, I might have taken them up on it.

[WannaJumpMyScooter]

5. I was told today that the USFS

which uses BofA nationwide for all it's banking is changing banks.

Yikes.

I would hate to be the account rep for that disaster.

[craiga86]

6. BoA

Word is alot of people are moving from Wachovia and other small banks to BoA. Also BoA just announced today that they're setting aside $8 Billion for those facing forclosures under CountryWide (a company they bought out last year) who were victims of predatory lending.

[tismyself]

7. do you mean

the Forest Service?

[WannaJumpMyScooter]

8. yes, I do

and it is confirmed todeay

[muriel_volestrangler]

9. Per share, that's an 82% drop

Obviously they must have issued a lot of new shares in the period.