Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Bank of America reports 1b dollar loss

NEW YORK, Oct 16 – Bank of America on Friday announced a steeper-than-expected net loss of 1.0 billion dollars in the third quarter, linked to hefty writedowns of assets from Merrill Lynch and other charges.

The total loss for shareholders was even larger, at 2.24 billion dollars, or 26 cents per share, worse than had been expected by most analysts.

The company paid special dividends of 1.2 billion dollars, including 893 million to the US government for its capital injections.

The largest US bank by assets said its results were "negatively impacted by continued weakness in the US and global economies and stress on the consumer, which continues to result in high credit costs."

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...