BOA Reports $2.2 Bil. Loss on Rising Bad Loans
By wchung | 02 Apr, 2025
Bank of America Corp. says it lost more than $2 billion in the third quarter as its loan losses continued to rise.
The nation’s second-largest bank, which lost $2.24 billion after accounting for preferred dividends, said its losses for failed loans came to almost $10 billion during the July-September period, up almost $1 billion from the second quarter. The bank also added $11.7 billion to its reserves to cover bad loans.
The company, hurt like other banks by consumers’ inability to pay their bills, said credit problems would continue for the near future. Its earnings follow the pattern set this week by Citigroup Inc. and JPMorgan Chase & Co., which also reported more loan losses during the third quarter.
The company’s stock is down in premarket trading.
10/16/2009 7:27 AM IEVA M. AUGSTUMS, AP Business Writer CHARLOTTE, N.C.
Asian American Success Stories
- The 130 Most Inspiring Asian Americans of All Time
- 12 Most Brilliant Asian Americans
- Greatest Asian American War Heroes
- Asian American Digital Pioneers
- New Asian American Imagemakers
- Asian American Innovators
- The 20 Most Inspiring Asian Sports Stars
- 5 Most Daring Asian Americans
- Surprising Superstars
- TV’s Hottest Asians
- 100 Greatest Asian American Entrepreneurs
- Asian American Wonder Women
- Greatest Asian American Rags-to-Riches Stories
- Notable Asian American Professionals